Goodrays, a UK CBD brand and allegedly one of the most rapidly expanding drinks brands in the market overall, today announced the successful completion of a €5.7 million Series A funding – a combination of equity and debt financing.
The round saw participation from Guinness Ventures, alongside existing and new institutional investors and celebrity backers, including Vernon Kay, Tess Daly and sporting stars, Ed Leigh and Ben Skinner. The funding coincides with the appointment of Ben Dando, former International Managing Director of viral drinks brand Liquid Death, as the company’s new Managing Director.
“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,” said Eoin Keenan, Founder of Goodrays.
“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,” Keenan added.
Founded in 2020, Goodrays has reportedly doubled revenue year-on-year for three consecutive years while simultaneously doubling profitability.
The brand achieved a significant milestone in 2024, by landing listings with four of the UK’s largest retailers – making a splash in the premium CBD and functional drinks space.
Goodrays explains that this investment comes at a pivotal moment for the UK CBD market, which reached €799 million in 2021 and is projected to reach €1.1 billion by the end of this year. The timing is particularly significant as full market authorisation for CBD products in the UK is expected in early 2026, marking a watershed moment for the industry’s regulatory landscape.
The funds secured in this investment will be now be deployed across several strategic initiatives:
- Product innovation: Expanding the premium product portfolio with best-in-class products
- Marketing acceleration: Investing in brand awareness, digital marketing capabilities and continuing to build credibility within the active wellbeing scenes
- Retail partnerships: Securing new listings and accelerating relationships with existing partners
After being a trusted advisor for Goodrays in 2024, Ben Dando appointment brings a wealth of experience from his role as Managing Director International at Liquid Death. His appointment signals Goodrays’ plans to further revolutionise the functional drinks category through innovative marketing and strategic partnerships.
“Goodrays isn’t just another functional drinks brand – we’re here to provide a solution and create a legacy brand,” said Ben Dando, incoming Managing Director. “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.”
The brand’s retail momentum has seen Goodrays secure listings across British supermarket chains. Recent listings include:
- Major supermarket partnerships: New listings in Sainsbury’s, Ocado and Morrison’s and establishment as category partners to Waitrose
- Meal Deal pioneer: Secured a spot in the Waitrose & Sainsbury’s Meal Deal programme
- Tesco functional drinks leadership: Selected as the only CBD brand for Tesco’s inaugural functional drinks bays
- International expansion: Successfully launched into France’s top four supermarket chains – Intermarche, Carrefour, System U, and Le Clerc
Read the orginal article: https://www.eu-startups.com/2025/07/london-based-goodrays-raises-e5-7-million-for-cbd-drink-and-appoints-liquid-death-exec/
