Good Good posts 171% growth, prompting second round of investment and debut into better-for-you bakery space

By Gill Hyslop

- Last updated on GMT

Good Good has launched a no sugar added Pancake & Waffle Mix. Pic: Good Good
Good Good has launched a no sugar added Pancake & Waffle Mix. Pic: Good Good

Related tags Good Good sugar free better for you Bakery Iceland diabetic-friendly non-GMO Clean label keto

The Icelandic sugar-free brand is foraying into the bakery category with its newest no added sugar, keto-friendly product, following a successful follow-up round of $2m investment, led by current investors, Icepharma, K2B Investments and Anton.JL.

The popular no-sugar added is adding a Pancake & Waffle Mix to its portfolio of sweet treats that are made with stevia and erythritol, making them suitable for diabetics and those seeking out low sugar, low carb or 100% natural products.

The launch coincides with the brand’s latest round of funding, a year after it received a $3m Series A round of investment from the same investors. The capital boost will help Good Good scale its production and new product innovation efforts.

Responding to evident demand

“Taking part in the expansion and development of Good Good this past year and a half has been very exciting,”​ said Svanhildur Nanna Vigfusdottir of K2B Investments.

“The company’s management has clearly demonstrated the high demand for its products, which today are sold in 8,500+ outlets in 36 countries.

“Sales in 2020 increased by 171% over the previous year, despite the major challenges in both production and distribution resulting from COVID-19, and this positive sales growth has continued in 2021.

“This share capital increase will further boost the company’s capacity, enabling it to respond to the extra demand that is evident in new orders received, and to reinforce its operations with an expanded product line and entry into new markets.”

Like its other no added sugar products, Good Good’s Pancake & Waffle Mix does not contain refined sugars, artificial sweeteners and carbs, instead sweetened with erythritol (a low calorie natural sweetener) and containing ingredients such as almond flour and egg white powder. The mix is non-GMO, gluten-free, keto and diabetes-friendly.

Growing desire for naturally sweetened treats

“We are so grateful to our investors who continue to support and believe in our brand,”​ said Gardar Stefansson, co-founder and CEO of Good Good.

“Our brand has been growing rapidly, showcasing the growing desire for naturally sweetened products that don’t compromise on taste. With this newest round of funding, we will have an opportunity to bring our products into more households and further develop our product line.”

Good Good was founded in 2015 when Gardar Stefansson, Agnar Lemacks and Johann Kristjansson were searching for solutions to help relatives with Type 2 diabetes. The trio learned that natural alternatives to sugar were key to limiting sugar intake and created a blend of stevia and erythritol to replace sugar in day-to-day foods. After launching a business around this product, they decided to experiment further by creating jams. The brand’s products now include multiple flavours of jams, spreads, keto bars, syrups and natural sweeteners.

The brand serves a growing audience of consumers who want to enjoy the sweet things in life without worrying about the health risks of added sugar and its products can be found globally in over 8,500 physical retail locations, as well as on various online retail sites, including Amazon and Walmart.

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