Back in November, 2021 upstart charcoal company The Good Charcoal Company, raised $1.2 million in what was likely a friends and family round. Now, as the business is experiencing significant growth, they are in the process of raising a second, much larger round.
The Good Charcoal Company is a newcomer to the charcoal industry, trying to compete with the existing scale of other fixtures in the industry. It was founded in 2020 in New York, NY and had 2021 revenues under $1 million in their founding year of operation. They will likely greatly improve on that for 2022 as they have been successful in getting their product into more retailers, such as Home Depot, where it retails for $19.99 per 15.4 lb bag.
The Good Charcoal Company has a unique product that is made from Acacia wood from Namibia. They chose this wood because there is an encroachment problem from Acacia bush in Namibia, so using Acacia is environmentally beneficial. Acacia is also denser than traditional wood used for charcoal, such as oak and hickory. This creates a hotter, cleaner, longer lasting fire when grilling. To celebrate Earth Day and learn more about their positive environmental impact we interviewed the CEO, Ben Jablonski.
The Good Charcoal Company’s funding round is being led by Gar Wood Securities, LLC with an offering amount that should be substantially larger than the first. The outdoor cooking and grilling industry has been hot for consolidation and expansion recently. Options are great for consumers, so we’re pleased to see new charcoal start-ups as well as new grill start-ups in the industry.