CBD brand backed by Vernon Kay and Tess Daly raises millions
Goodrays, a CBD brand backed by Vernon Kay and Tess Daly, has raised £5m as it eyes future growth.
The company has been backed by Guinness Ventures whose portfolio includes BBC Maestro, a celebrity-led e-learning business.
The series A funding round also attracted the participation of existing and new institutional investors.
The news comes after London-based Goodrays recently hired Ben Dando, the former international managing director of Liquid Death, as its new managing director.
Earlier this year, Liquid Death pulled out of the UK due to falling demand.
The investment into Goodrays is a combination of equity and debt financing and comes ahead of the expected full market authorisation for CBD products in the UK earlier next year.
In a statement, the company said it had doubled its revenue for three consecutive years while also doubling profitability.
CBD brand Goodrays hails ‘huge milestone’
Founder Eoin Keenan said: “This round is a huge milestone on our mission to build the UK’s leading premium functional drinks brand.
“We exist to help busy minds find calm and clarity and we’re proud to create the most effective and premium functional drinks for people who want to improve their mental wellbeing.
“For too long, mental wellbeing has been ignored by the food and drink industry, dominated by high sugar, hard alcohol and ultra-processed foods. We are changing that.
“The support from Guinness Ventures, renowned for their expertise in building iconic brands, combined with Ben’s proven track record, positions us perfectly for our next phase of growth and to continue to cement ourselves as a disruptor in the industry.”
Sports commentator Ed Leigh and longboarder Ben Skinner are also backers of Goodrays.
Dando added: “Goodrays isn’t just another functional drinks brand – we’re here to provide a solution and create a legacy brand.
“While others obsess over what to cut out, we’re focused on what benefits we can add in, especially when it comes to peoples’ mental wellbeing – something which we believe has long been overlooked in the drinks industry.
“We’re at a tipping point in how consumers engage with the drinks industry, and right now, the functional drinks category is the most exciting and fast-moving space in food and drink.”