GoodGood
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
GoodGood was a Toronto-based local commerce startup founded in 2021 by Robert Kim and Kris Linney. It connected local makers with their community through an app and website offering curated coffee, beverages, snacks and everyday essentials with delivery in under an hour, plus neighbourhood cafes designed as destinations for discovery. The company raised $6.5 million CAD from Golden Ventures, BKCM, Tet Ventures, Maple VC and angel investors, and planned a series of cafe and wine-bar locations across Toronto.
02 / GoodGood FAILURE REASONS
Failure factors
Toronto quick-commerce/cafe startup GoodGood said rising rates, inflation, and a looming recession dramatically impacted the business and it could not raise the capital needed; CEO Robert Kim said it was trending toward profitability but still losing money and capital-intensive, failed to secure a term sheet, and after exploring acquisition alternatives had to cease operations.
Company stated it was unable to secure the capital necessary and failed to ink a term sheet after reduced asks.
Statement cited rising interest rates, inflation, and a looming recession as dramatic impacts.
CEO said the capital-intensive business was still losing money / not yet profitable despite revenue run-rate progress.
03 / EVENT HISTORY
Events in the structured record
- Operations ended
company statement that GoodGood will cease operations effective immediately after failing to raise capital; five downtown Toronto cafes/delivery network shut.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
GoodGood was founded in Toronto in 2021 by Robert Kim and Kris Linney, raising $6.5 million CAD to connect local makers with their community.
- 02
The company opened its first cafe in December 2021 and expanded to five locations in less than a year, adding Esplanade, St. Clair West, Queen Street West and Yonge & Davisville.
- 03
In late November 2022 GoodGood announced the sudden closure of all its cafes and its delivery network on its website and social media.