Icelandic brand raises $ 2 million and launches pancake and waffle mix | 2021-10-05



REYKJAVIK, ICELAND – Good Good has raised $ 2 million in a follow-on Series A funding round led by existing investors Icepharma, K2B Investments and Aton.JL.

The investment follows last year’s $ 3 million Series A fundraiser and will help Good Good increase its production and new product innovation efforts, said Gardar Stefansson, co-founder and CEO of the Reykjavik, Iceland-based startup.

Launched in 2015, Good Good offers an assortment of products with no added sugar, including jams, spreads, keto bars, and natural sweeteners. The new funding coincides with the launch of its latest addition, a keto-friendly pancake and waffle mix. With no added sugars or artificial sweeteners, the GMO-free, gluten-free blend is sweetened with erythritol and contains ingredients such as almond flour and egg white powder.

Like all Good Good products, Pancake Mix and Waffle Mix are available worldwide at over 8,500 retail stores. The products are also available on various online retailer sites, including and, and direct to the consumer through the brand’s e-commerce platform.

With a portfolio of sweet products suitable for diabetics, Good Good has demonstrated strong demand for its offerings throughout the COVID-19 pandemic, said Svanhildur Nanna Vigfusdottir of K2B Investments.

“Sales in 2020 increased 171% from the previous year, despite major production and distribution challenges resulting from COVID-19, and this positive sales growth continued into 2021,” he said. she declared. “This capital increase will further increase the capacity of the company, allowing it to meet the additional demand that manifests itself in the new orders received, and to strengthen its operations with an expanded product range and entry into new markets. . “


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