The Reykjavik-based producer was founded in 2015 by Gardar Stefansson, Agnar Lemacks, and Johann Ingi Kristjansson, who were motivated by their families to make treats sweetened with a blend of stevia and erythritol.
Good Good has enjoyed rapid growth, and its extensive portfolio now includes snack bars, recently launched baking mixes, jams, spread, syrups and natural sweeteners, which can be found online, as well as at 10,000+ retail locations across 36 countries.
“Since inception, Good Good’s revenue has more than doubled each year,” said Kristjansson, cofounder and chairman.
“For this series B round, an emphasis was placed on strengthening the Good Good shareholder group for the future. We are very pleased with the progress of the share capital increase and that the demand from investors has far exceeded our expectations.”
Kristjansson added the funding will be used to cement international growth, specifically in the US, along with online sales.
“The increase in share capital will allow us to strengthen our powerful product development and marketing efforts.”
This is SÍA IV’s second investment, have already deployed more than $400m to support local companies with clear business strategies to reach international markets.
“We first met the Good Good team in 2019 and were impressed by their initial success and data-driven approach,” said Heidar Ingi Olafsson, MD of SÍA IV.
“Having kept an eye on the company since, we’ve been thrilled with their ability to innovate and execute on their brand vision.”