Good Karma Names Mike Murray as CEO, Funding Round to Close in ‘Near Future’

Good Karma Foods has named Mike Murray as its new CEO as the plant-based dairy alternative producer prepares to close a new financing round led by Valor Siren Ventures (VSV) and Loft Growth Partners.

Murray arrives at the Boulder, Colorado-based brand from protein solutions company Teton Waters Ranch where he had served as CEO since 2018. Murray has previously held leadership positions at free2b Foods, General Mills and WhiteWave, where he was general manager of the So Delicious Dairy Free brand.

“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 in a press release. “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.”

Initially focused on private label, Good Karma launched its first branded CPG line in 2014 and produces a variety of plant-based milks for adults and kids – including flaxmilks and a blended line made with flax, oats and peas – as well as plant-based sour cream. Last year, Good Karma debuted a brand refresh featuring a new look and a DTC ecommerce website.

According to a release, Murray will work to support a retail distribution expansion in “new and existing channels” next year with a focus on “increasing targeted household penetration and awareness.” The company said it is also developing new innovations to meet “consumer needs across dayparts.”

Murray’s appointment comes as the company has experienced flux in ownership and leadership. He is the third person to hold the CEO title this year; in February longtime CEO Doug Radi left the brand after eight years in the role to join Rudi’s Organic Bakery as CEO, before moving to cookie dough company Sweet Loren’s in September.

Following Radi’s departure, Good Karma CFO Matt Riegner, who first joined the company in 2015, was named CEO in addition to his existing responsibilities. Riegner will remain with the brand and return to the CFO role full time.

“Matt has given a commendable effort leading the Good Karma business this year in both the CFO and CEO roles,” Murray said in a statement to BevNET. “To best meet our bullish growth plan for the year ahead, it was time to add to the leadership team to help enable Good Karma reach its full potential. I look forward to working shoulder-to-shoulder alongside Matt and the rest of the leadership team.”

Good Karma was acquired by Dean Foods in 2018; after the dairy producer went bankrupt in 2019, the company reacquired majority control the following year. At the time, Good Karma raised a round of capital from firms including VSV and 2x Consumer Products Growth Partners to support the acquisition and transition the brand back to an independent business model.

Now, VSV – alongside Loft Growth Partners – is investing again in a new capital round expected to close in the “near future,” according to the company. Terms of the deal were not disclosed. The company said the funding will primarily go towards expanding distribution, driving velocity and supporting initiatives to “actively 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 Good Karma’s chairman, Brian King, in the release. “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 2020, Good Karma has refocused its business around its core plant-based beverage offerings, most recently launching Barista Blend varieties and a Kids Oatmilk+ line. While sour cream remains for now as the brand’s sole food offering, Good Karma previously sold plant-based yogurt cups and drinkable yogurts.