Boulder, Colorado-based Good Karma Foods, a producer of plant-based milk and dairy alternatives, has announced that Mike Murray, a CPG food and beverage industry veteran, has joined the company as CEO.
The addition of Murray to the Good Karma team coincides with a new round of funding that will accelerate growth for the plant-based brand. It will continue to operate as a Boulder-based independent company. Specific terms of the new round of investment were not disclosed.
Murray joins the Good Karma team with more than 25 years of CPG experience. Most recently, he served as CEO at Teton Waters Ranch, a grass-fed, regeneratively-raised beef solutions company. Prior to Teton Waters Ranch, Murray held executive and leadership roles at other values-focused organizations, including free2b Foods, So Delicious Dairy Free, WhiteWave Foods Company and LARABAR.
Murray will support Good Karma as the company aims to gain strategic distribution in its channels, as well as increasing targeted household penetration and awareness. Additionally, the company will also pursue innovation to solve growing modern consumer needs.
“I am looking forward to leveraging my experience and passion for galvanizing food system change to help the team bring Good Karma’s portfolio of delicious and sustainable plant-based solutions to more households,” Murray said. “Our team has a compelling opportunity to build upon the strong equity of Good Karma to deliver a variety of solutions that help people do good every single day with their consumption choices.”
According to the latest retail sales data from the Plant Based Foods Association, The Good Food Institute and SPINS, U.S. retail sales of plant-based foods grew more than 6 percent in 2021, with the total plant-based market reaching $7.4 billion. Specific to plant-based dairy, the category saw 4 percent YoY dollar sales growth as animal-based milk sales declined 2 percent.
In addition to Murray’s hire, the brand will also close on a new fund raise in the near future. Investors and partners Valor Siren Ventures, a fund established to act as an innovation engine and market maker in early-stage food, food technology and retail technology, and Loft Growth Partners, a growth investor for emerging consumer products businesses, will lead the round. The raise will enable the company to expand distribution, drive velocities and engage consumers.
“Even in light of inflationary pressures, families continue to flock to plant-based categories and segments, and Good Karma’s unique value proposition – combining the best of plants to provide unparalleled nourishment like no other – continues to show exciting promise,” said Brian King, chairman of the board. “As our investors renew their partnership with Good Karma, and Mike joins the team, we are all looking forward to the brand realizing its leadership position in a variety of growing plant-based categories.”
Since VSV’s initial investment in Good Karma in mid-2020, the brand has refocused on core plant-based beverages and beverage innovation, launched e-commerce and a portfolio-wide strategic brand and packaging redesign. Recent product launches include Barista Blends, plant-based creamers formulated from oats and nutrient-packed flax and peas, and Kids Oatmilk+, a plant-based milk blended with nutrients for growing kids.
More about Good Karma and its portfolio of plant-based dairy alternative solutions can be found at goodkarmafoods.com.
