Icelandic Glacial, providers of naturally-alkaline spring water, has secured $66m in financing from a private firm and through issued equity, as the company looks to expand in the US.

BlackRock’s US Private Credit team provided $35m. The remaining $31m was raised by the company by issuing new equity to new and existing investors.

The money is expected to provide a platform for Icelandic Glacial’s continued growth in the US and other markets.

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

“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 offer’s CarbonNeutral bottled water with a net-zero carbon footprint.

The company claims that its bottled water contains a naturally low mineral content and alkaline pH of 8.4. The brand is currently available in 24 countries globally.

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BlackRock US private credit managing director Dan Worrell said: “We are very excited to invest in 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 US and throughout the world.”

Last March, Icelandic Glacial collaborated with Coca-Cola European Partners (CCEP) to expand its distribution in Iceland.

Under the partnership, CCEP agreed to distribute and sell Icelandic Glacial´s products alongside its existing portfolio of beverages in the Icelandic region.