MyGoodness shakes out the money
The sports drinks brand gains cash to expand
MyGoodness Ltd, the owner of the For Goodness Shakes sports drinks brand, has gained £1.5m of funding.
The company has been backed by Sussex Place Ventures, a specialist venture capital fund, which has taken a minority stake in the business.
Chief executive officer Stuart Jeffreys, who co-founded the business in 2004, says the investment will fast-track the brand and secure its spot as Britain’s No.2 sports drink after Lucozade.
“This investment will be used to accelerate our growth through increased spend on above the line advertising. We’ll be reaching 70% of our male audience with our unique message.” Jeffreys said.
“We found Sussex Place to be like-minded; entrepreneurial in spirit, fast-acting and hungry for growth.
“We welcome them as partners and look forward to taking our business to the next level,” he added.
The milk-based food drink, aimed at men in the 18-40 age bracket and used to ‘re-energise’ after exercise, is distributed through the major supermarkets as well as specialist sports and leisure outlets.
Last year the company grew 373% to achieve a retail sales value of £5m. It is also in a growing market which itself grew by 26% last year, and the sports and energy drinks market now accounts for a quarter of all drink-now soft drink sales.
In 2007 the brand was made an official nutrition provider to the English Institute of Sport. The company says that its product is used by over 50 Great Britain athletes and has attracted 45,000 sportsmen to the brand.
Richard Gourlay, managing director of Sussex Place, said: “For Goodness Shakes offered a rare and exciting investment proposition – an award winning, fast-growth brand in the sports drinks market with first-mover advantage, distinctive advertising and a top owner-led team.”
© Crimson Business Ltd. 2008