Icelandic Glacial secures $66m in funding, looks to expand in US

Spring water brand Icelandic Glacial has raised $66 million in financing, including $35 million in funding from BlackRock’s US private credit team.

The brand has also issued $31 million in new equity to new and existing investors in order to provide a platform for its growth in the US and other markets.

“We are delighted to announce $35 million of funding from funds managed by BlackRock, one of the world’s leading investment institutions,” said Jon Olafsson, co-founder and chairman of Icelandic Glacial.

“Their investment in our company substantiates the progress we have made in recent years to become one of the leading premium water brands in the world.”

Icelandic Glacial is bottled at source from Iceland’s Ölfus Spring, which the brand says is so pure that nothing is added or taken away.

As a result, the water “possesses exceptional balance, featuring a naturally low mineral content and a naturally alkaline pH of 8.4”.

“We are very excited to invest in Icelandic Glacial,” said Dan Worrell, managing director at BlackRock US Private Credit, who has joined the board of Icelandic Glacial.

“We have been watching the development of the brand for some time and are excited about our role in helping fund the further growth of Icelandic Glacial in the USA and throughout the world.”

In May, Icelandic Glacial announced a “huge” distribution expansion with the addition of 8,000 new stores in the US. The brand is now available for the first time at select Walmart, Target and Kroger stores nationwide.

Last year, the brand released three fruit-flavoured sparkling waters: Tahitian lime, Sicilian lemon and elderflower.