Goodrays has completed a £5 million Series A funding round, securing investment from Guinness Ventures, alongside existing and new institutional investors and celebrity backers.
Founded in 2019 by Eoin Keenan, the business has seen its revenue double year-on-year for three consecutive years while simultaneously doubling profitability.
In 2024, it achieved a significant milestone by landing listings with four of the UK’s largest retailers, cementing its position as one of the market leaders in the premium CBD and functional drinks space. It has also successfully launched into France’s top four supermarket chains – Intermarche, Carrefour, System U, and Le Clerc.
This investment – which combines equity and debt financing – comes at a pivotal moment for the UK CBD market, which reached £690 million in 2021 and is projected to reach £1 billion by the end of this year. Moreover, full market authorisation for CBD products in the UK is expected in early 2026.
Commenting on the news, 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.”
This funding round follows an existing pipeline of celebrity backers and investors, including Vernon Kay, Tess Daly and sporting stars, Ed Leigh and Ben Skinner; with this latest investment to be used to drive product innovation, marketing, and further retail partnerships.
Liquid Death former MD appointed
The investment coincides with the appointment of Ben Dando, the former managing director of canned water drinks brand Liquid Death.
Dando left Liquid Death earlier this year to launch a global brand building agency – Unchartered Territory – alongside Liquid Death’s ex director for lifestyle marketing, Oli Russell-Cowan.
Dando became an advisor to Goodrays in 2024 and has now been named as managing director.
“Goodrays isn’t just another functional drinks brand – we’re here to provide a solution and create a legacy brand," he said.
“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.”
