Goodrays, the CBD enterprise supported by celebrities Vernon Kay and Tess Daly, has successfully secured £5m in funding aimed at powering future expansion.
The brand has garnered support from Guinness Ventures, which boasts a diverse portfolio that includes BBC Maestro, known for celebrity-driven e-learning platforms, as reported by .
Attraction from current and fresh institutional backers was evident in the recent Series A investment round.
The announcement follows the appointment of Ben Dando, former international managing director for Liquid Death, as Goodrays' new managing director, amidst news of Liquid Death's withdrawal from the º£½ÇÊÓƵ market early this year due to waning interest.
Ahead of anticipated comprehensive market approval for CBD products in Britain early next year, Goodrays has combined equity with debt financing for its latest investment tranche.
Releasing a statement, the London-based company highlighted its impressive record of doubling revenues and profitability successively over three years.
Goodrays celebrates a 'huge milestone'
The founder, Eoin Keenan, stated: "This round is a huge milestone on our mission to build the º£½ÇÊÓƵ's leading premium functional drinks brand."
Continuing, he emphasised: "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."
Keenan also critiqued the neglect of mental wellbeing in the food and beverage sector, which is often rife with high-sugar, hard liquor, and heavily processed foods, underscoring his brand's commitment to change.
"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 supporters of Goodrays.
Dando further stated: "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."
