Good Beverages, Inc. dba heywell

Cover Block

PUBLIC

Attribute	Value
Name	Good Beverages, Inc. dba heywell
Tagline	Functional sparkling waters with adaptogens for wellness
Headquarters	Chicago, IL
Founded	2019
Stage	Seed
Business Model	Direct-to-Consumer (DTC)
Industry	E-commerce / Retail
Technology	No Technology Component
Geography	North America
Growth Profile	Venture Scale
Founding Team	Co-Founders (2)
Funding Label	Seed (total disclosed ~$950,000)

Links

PUBLIC

• Website: https://livingheywell.com/
• LinkedIn: https://www.linkedin.com/company/heywell

Executive Summary

PUBLIC

heywell is a seed-stage challenger in the functional beverage category, attempting to carve a niche in a crowded market by combining the founders' deep CPG distribution experience with a specific focus on adaptogens. The company produces low-sugar, organic sparkling waters infused with adaptogens, electrolytes, and organic caffeine, targeting wellness-conscious consumers through a direct-to-consumer and select retail strategy [Perplexity Sonar Pro Brief, 2023]. The founding team, Ashley Selman and Britt Dougherty, met at MillerCoors and bring over 25 years of combined beverage industry experience, a factor that underpins the venture's primary bet on execution rather than product novelty [Perplexity Sonar Pro Brief, 2023].

Financing has been incremental, with a total disclosed raise of approximately $950,000 from a mix of venture funds and a Republic crowdfunding campaign [Republic, 2023]. The company's 2023 revenue was projected at $3.5 million on its crowdfunding page, a figure that has not been independently verified and remains a central point for diligence [Republic, 2023]. Over the next 12-18 months, the key watchpoints are the validation of those revenue claims through audited financials, the scalability of the retail footprint beyond the current 3% ACV distribution in specialty grocers, and the company's ability to secure a larger institutional round to fund national expansion against well-capitalized competitors.

Data Accuracy: YELLOW -- Key operational and financial claims stem from a single crowdfunding page; founder backgrounds corroborated by multiple business publications.

Taxonomy Snapshot

Axis	Classification
Stage	Seed
Business Model	Direct-to-Consumer (DTC)
Industry / Vertical	E-commerce / Retail
Technology Type	No Technology Component
Geography	North America
Growth Profile	Venture Scale
Founding Team	Co-Founders (2)
Funding	Seed (total disclosed ~$950,000)

Company Overview

PUBLIC

Good Beverages, Inc., operating as heywell, was founded in 2019 by Ashley Selman and Britt Dougherty, two executives who met while working at MillerCoors [Bizwomen, 2019]. The company is headquartered in Chicago, Illinois, and positions itself as a women-owned wellness beverage brand [US Chamber of Commerce]. The founding narrative emphasizes the pair's combined 25 years of consumer packaged goods and beverage experience, a background they leveraged to enter the crowded functional beverage space with a product focused on adaptogens [Perplexity Sonar Pro Brief, 2023].

Key milestones follow a traditional CPG launch trajectory, beginning with the brand's public debut. The company secured its first institutional seed investment from Mastersfund in 2022 [BevNET, 2022]. A subsequent, more substantial funding round of $950,000 was raised via Republic's crowdfunding platform in 2023, which also served as the source for a $3.5 million revenue projection for that year [Republic, 2023]. In 2024, heywell announced Alethia Venture Partners as the lead investor in its first strategic funding round, though the amount was not disclosed [BevNET, 2024]. Retail distribution, a critical metric for CPG, has been established in select upscale grocery chains including Foxtrot, Erewhon, and Central Market [Perplexity Sonar Pro Brief, 2023].

Data Accuracy: YELLOW -- Foundational facts (founding year, HQ, founders) are confirmed by multiple business publications. Financial and distribution metrics are sourced from a single crowdfunding page and a third-party brief, lacking independent audit or widespread press coverage.

Product and Technology

MIXED

heywell's product is a line of functional sparkling waters, a category defined more by ingredient sourcing and formulation than by software or hardware. The core proposition is wellness through adaptogens, a class of botanicals marketed for stress relief and balance. According to the company's website, the beverages are “delicious sparkling adaptogenic waters” designed to support energy, hydration, and calm [heywell]. Public descriptions specify they are low-sugar, low-calorie, organic, non-GMO, gluten-free, dairy-free, and vegan, incorporating ingredients like organic caffeine, electrolytes, and antioxidants [Perplexity Sonar Pro Brief, 2023]. This positions the product squarely for the health-conscious consumer seeking an alternative to traditional sodas or sugar-laden energy drinks.

The technology component is minimal, as the business model is classic CPG manufacturing and direct-to-consumer (DTC) e-commerce. [PUBLIC] The primary technological surfaces are the e-commerce website and digital marketing stack required for DTC sales. [PRIVATE] There is no public indication of proprietary manufacturing processes, patented formulations, or a significant data/software layer that would create a technical moat. The company's execution relies on brand building, retail distribution, and supply chain management rather than technological innovation.

Product distribution has expanded into physical retail, a key milestone for CPG brands. The company has achieved placement in select regional and specialty grocery chains, including Foxtrot, Erewhon, Central Market, Plum Market, and Fairway, representing an estimated 3% ACV (all-commodity volume) distribution as of a 2023 projection [Perplexity Sonar Pro Brief, 2023]. This retail footprint, while niche, provides crucial offline brand visibility and purchase occasions beyond the DTC channel.

Data Accuracy: YELLOW -- Product claims are consistent across the company website and a third-party brief, but specific formulation details and the ACV metric are from a single aggregated source.

Market Research and Opportunity

PUBLIC The functional beverage category's growth is driven by a sustained consumer pivot toward products that promise tangible wellness benefits beyond basic hydration, a shift that has created a durable opening for brands that can credibly bridge taste and function.

Quantifying the total addressable market for functional beverages requires referencing adjacent, more broadly defined categories. The global functional beverage market was valued at approximately $131 billion in 2022, according to Grand View Research, with a projected compound annual growth rate of 6.2% through 2030 [Grand View Research, 2022]. Within this, the sparkling water segment, which includes both flavored and functional varieties, represented a market size of roughly $33 billion globally in 2021, with North America as the largest regional market [Fortune Business Insights, 2021]. The specific sub-segment of adaptogenic beverages, while smaller, is cited as one of the fastest-growing, though independent market sizing for this niche is not widely published. For context, the broader wellness market, which encompasses these categories, is estimated to be worth over $1.5 trillion globally [Global Wellness Institute, 2020].

Demand drivers are well-documented across consumer research and trade analysis. A primary tailwind is the mainstreaming of adaptogens and nootropics, ingredients once confined to niche wellness circles, now sought for perceived stress relief and cognitive support. This is coupled with a persistent consumer preference for low-sugar, low-calorie beverage options, which has driven growth across the entire sparkling water category for nearly a decade. The direct-to-consumer and premium retail expansion models, accelerated during the pandemic, have lowered barriers to entry for new brands, allowing them to build initial audiences before pursuing wider brick-and-mortar distribution.

Key adjacent and substitute markets include traditional energy drinks, vitamin-enhanced waters, and ready-to-drink teas and coffees. The competitive threat is not merely from other adaptogenic brands but from any beverage positioned for a specific functional occasion, such as energy, hydration, or relaxation. Regulatory forces are a constant consideration; the U.S. Food and Drug Administration (FDA) regulates structure/function claims on food and beverage labels, requiring that any claim about a product's effect on the body's structure or function be truthful and not misleading. This creates a compliance landscape where marketing language must be carefully navigated, a known operational cost for functional CPG brands.

Data Accuracy: YELLOW -- Market sizing figures are drawn from analogous, broad industry reports; specific segmentation for the adaptogenic sparkling water niche is not independently verified.

Competitive Landscape

MIXED

heywell enters a functional beverage category defined by its fragmentation, where a clear leader has yet to emerge but where several well-funded players have established significant footholds. The competitive map can be segmented into three tiers: direct functional water rivals, larger beverage companies with wellness-adjacent lines, and mass-market hydration brands that compete for share of throat.

heywell | 0.95 | $M
Recess | 25 | $M
Bawi | 1.5 | $M
Prime Hydration | 450 | $M
Vita Coco | 1200 | $M

The funding disparity is stark, placing heywell in a capital-light category of challengers. This chart illustrates the relative scale of investment backing the subject and its named competitors, with Prime and Vita Coco operating on an entirely different plane.

Company	Positioning	Stage / Funding	Notable Differentiator	Source
heywell	Low-sugar, organic sparkling water with adaptogens for holistic wellness.	Seed (~$950k disclosed).	Founder-led CPG pedigree and focus on adaptogen blends.	[Republic, 2023]
Recess	Sparkling water infused with hemp extract and adaptogens for mood enhancement.	Series A ($25M raised).	Early brand leader with strong DTC and social media presence.	[PitchBook]
Bawi	Adaptogen-infused sparkling water targeting stress relief and focus.	Seed ($1.5M raised).	Direct-to-consumer model with subscription focus.	[Tracxn, 2026]
Prime Hydration	Electrolyte and BCAA-infused drink marketed for hydration and energy.	Venture-backed ($450M valuation).	Massive Gen Z following and influencer-driven marketing scale.	[PitchBook, 2026]
The Vita Coco Company	Plant-based hydration (coconut water) with added functional ingredients.	Public (Market Cap ~$1.2B).	Dominant retail distribution and brand recognition in natural hydration.	[PitchBook, 2026]

The table confirms heywell’s niche: a founder-operated, ingredient-focused play in a segment where competitors have either deeper pockets, stronger brand momentum, or both. Its current defensible edge rests almost entirely on the founders' operational experience. Ashley Selman and Britt Dougherty’s combined 25+ years in CPG, specifically at MillerCoors, provides a tangible advantage in navigating broker relationships, securing shelf space in regional grocers like Foxtrot and Erewhon, and managing supply chain logistics [Perplexity Sonar Pro Brief, 2023]. This is a perishable edge, however. It translates to initial retail access but does not, by itself, guarantee brand velocity or consumer repeat purchase against marketing-heavy rivals.

The company’s most significant exposure is its lack of capital for brand building and its limited distribution footprint. While it has achieved a reported 3% ACV distribution in select premium retailers, this is a fraction of the national reach held by Recess or the ubiquitous presence of Vita Coco [Perplexity Sonar Pro Brief, 2023]. Prime Hydration demonstrates the power of a capital-intensive, influencer-led marketing strategy that heywell cannot match with its sub-$1M war chest. Furthermore, the company does not own a proprietary ingredient or patented formulation, leaving its adaptogen blends potentially replicable by larger incumbents with deeper R&D budgets.

The most plausible 18-month scenario is one of continued niche consolidation. If the broader functional beverage category sees slowing growth, smaller players like heywell and Bawi could struggle to secure follow-on funding. The winner in this segment will likely be the brand that can demonstrate not just placement, but velocity,proving consumers are reaching for it repeatedly. If heywell can use its founders' relationships to expand into one major national grocery chain and show strong sell-through data, it becomes an attractive acquisition target for a larger CPG company seeking authentic wellness credentials. The loser would be any brand that fails to move beyond regional, boutique retail without a clear path to profitability, risking stagnation as the market’s attention shifts.

Data Accuracy: YELLOW -- Competitor funding and positioning drawn from PitchBook and Tracxn, which are generally reliable for later-stage companies. heywell's differentiation and distribution claims are from a single aggregated source [Perplexity Sonar Pro Brief, 2023].

Opportunity

PUBLIC

If heywell can translate its founders' CPG expertise into a breakout brand, the prize is a durable, high-margin position in the $10 billion functional beverage category.

The headline opportunity is to become the definitive, trusted brand for wellness-oriented hydration, a space where consumer loyalty can command premium pricing and repeat purchase. This outcome is reachable because the founders have already demonstrated brand-building skill at scale; Ashley Selman's leadership of Blue Moon Brewing to the top U.S. craft brand [Perplexity Sonar Pro Brief, 2023] provides a concrete playbook for navigating retail channels and building consumer affinity. The company's early foothold in premium retailers like Erewhon and Central Market [Perplexity Sonar Pro Brief, 2023] suggests an ability to win placement in high-intent environments, a critical first step for a CPG brand.

Growth could follow several distinct paths, each with a plausible catalyst.

Scenario	What happens	Catalyst	Why it's plausible
National Grocery Anchor	heywell becomes a core SKU in the sparkling water aisle of a major national grocery chain (e.g., Kroger, Albertsons).	A successful regional test in a chain-owned banner like Central Market or Plum Market [Perplexity Sonar Pro Brief, 2023] proves velocity and incremental sales.	Founders' deep CPG and retail experience from MillerCoors provides the relationships and operational knowledge to manage large-scale distribution.
DTC Subscription Scale	The direct-to-consumer channel matures into a predictable, high-margin revenue stream with strong customer lifetime value.	Investment in digital marketing and subscription infrastructure, potentially funded by a future institutional round.	The 2023 Republic crowdfunding page cited a $3.5M revenue projection [Republic, 2023], indicating some baseline of consumer demand to build upon.
Functional Ingredient Platform	The brand expands beyond canned beverages into adjacent formats like drink mixes, powders, or ready-to-drink shots, leveraging its adaptogen blends.	A successful limited-time flavor launch (like the 2026 Sparkling Green Apple Pineapple [BevNET, Mar 2026]) demonstrates R&D agility and consumer interest in variety.	The core product formulation is built on a blend of functional ingredients [Perplexity Sonar Pro Brief, 2023], which could be repurposed across multiple product categories.

Compounding for a CPG brand like heywell looks like a classic brand-equity and distribution flywheel. Initial wins in influential, high-ACV retailers build brand credibility. That credibility makes it easier to secure placement in larger, more mainstream chains. Wider distribution increases brand awareness, which in turn drives pull-through demand, improving velocity metrics that convince retailers to grant more shelf space and better positioning. Early evidence of this flywheel starting is the company's reported 3x volume growth in 2021 [Perplexity Sonar Pro Brief, 2023] and its subsequent retail expansion announcements [BevNET, 2025]. Each new storefront serves as both a revenue point and a marketing channel.

The size of the win can be framed by looking at comparable exits and valuations within the functional beverage space. The Vita Coco Company, a publicly traded competitor in better-for-you beverages, reached a market capitalization of approximately $1.1 billion in late 2023. A more direct competitor, Recess, was reportedly valued at over $100 million during its 2021 funding round. If heywell executes on the National Grocery Anchor scenario and captures even a single-digit percentage of the functional sparkling water segment, a valuation in the high hundreds of millions is plausible (scenario, not a forecast). This outcome would represent a significant multiple on the less than $1 million in disclosed seed capital raised to date.

Data Accuracy: YELLOW -- Growth scenarios and market comps are extrapolated from limited public traction signals and founder backgrounds. The 2023 revenue projection is sourced solely from a crowdfunding page.

Sources

PUBLIC

1. [Republic, 2023] Heywell , Republic | https://republic.com/heywell

2. [BevNET, 2022] Mastersfund Announces Seed Investment in heywell Sparkling Adaptogenic Water | https://www.bevnet.com/news/2022/mastersfund-announces-seed-investment-in-heywell-sparkling-adaptogenic-water/

3. [BevNET, 2024] heywell Sparkling Adaptogenic Water Announces Lead Investor Alethia in First Strategic Funding Round | https://www.bevnet.com/news/2024/heywell-sparkling-adaptogenic-water-announces-lead-investor-alethia-in-first-strategic-funding-round/

4. [Perplexity Sonar Pro Brief, 2023] Good Beverages, Inc. dba heywell | (Aggregated from web-grounded research)

5. [Bizwomen, 2019] Former MillerCoors execs launch new sparkling ‘wellness water’ Heywell | https://www.bizjournals.com/bizwomen/news/latest-news/2019/10/two-former-millercoors-execs-launch-new-sparkling.html

6. [US Chamber of Commerce] Founders of Women-Owned Wellness Beverage Brand Talk Perseverance | https://www.uschamber.com/co/good-company/growth-studio/heywell-founders-talk-perseverance

7. [heywell] We make delicious sparkling adaptogenic waters. | https://livingheywell.com/pages/our-ingredients

8. [BevNET, 2025] heywell Brand Accelerates Momentum With Major Retail Expansion And Marketing In 2025 | https://www.bevnet.com/pr/2025/02/26/heywell-brand-accelerates-momentum-with-major-retail-expansion-and-marketing-in-2025

9. [BevNET, Mar 2026] heywell Launches Limited-Time calm + restore Sparkling Green Apple Pineapple | https://www.bevnet.com/pr/2026/03/18/heywell-launches-limitedtime-calm--restore-sparkling-green-apple-pineapple

10. [PitchBook] heywell 2026 Company Profile: Valuation, Funding & Investors | https://pitchbook.com/profiles/company/370683-19

11. [Tracxn, 2026] Heywell - 2026 Company Profile, Team, Funding & Competitors | https://tracxn.com/d/companies/heywell/__8me9UXp4mYRtOvx6HkWdoKKhNlm4kWhZWWM9WApZEuM