Fast-growing CBD brand Goodrays has announced the completion of a £5m Series A funding, featuring investment from Guinness Ventures, alongside existing and new institutional investors and celebrity backers.
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.
The company noted that the investment comes at a pivotal moment for the UK CBD market, which is projected to be worth £1bn 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.
Goodrays has doubled revenue year-on-year for three consecutive years while simultaneously doubling profitability. The brand achieved a milestone in 2024 by landing listings with some of the UK’s largest grocery retailers, including Sainsbury’s, Ocado, Morrisons and Waitrose. The brand also secured a spot in the Waitrose and Sainsbury’s Meal Deal programme, and was selected as the only CBD brand for Tesco’s inaugural functional drinks bays.
“This round is a huge milestone on our mission to build the UK’s leading premium functional drinks brand,” said Eoin Keenan, Founder of Goodrays.
“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.”
Goodrays stated that the new funds will be deployed across several strategic initiatives, including product innovation, marketing, and securing new listings.
The group noted that Dando’s appointment brings a wealth of experience from his role as Managing Director International at Liquid Death, where he was instrumental in the brand’s meteoric rise and disruptive approach.
“Goodrays isn’t just another functional drinks brand – we’re here to provide a solution and create a legacy brand,” said Dando.
“While others obsess over what to cut out, we’re focused on what benefits we can add in, especially when it comes to people’s 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.”
