USA – Organic, dairy-free beverage and creamer maker, Mooala completed has closed its Series A funding that has seen the company raise US$8.3 million led by Sweat Equities.
The funding round also counted several investment firms and family offices, including Series Seed lead investor M3 Ventures. The investment brings Mooala’s total funding since launch to more than US$13 million.
Mooala said that the financing will support the company’s emergence into new markets, help accelerate product development and bolster the internal team.
The Series A funding builds on an exceptional year for Mooala, which expects to double net sales this year.
“We are thrilled to expand our relationship with Sweat Equities,” said Jeff Richards, chief executive and founder of Mooala.
Charlie Sweat, managing partner of Sweat Equities, an investment firm specializing in the food, beverage and consumer goods sector said; “We look forward to leveraging our operating experience as Mooala enters its next phase of growth.
“We were attracted to Mooala given its success rapidly disrupting the mainstream marketplace with best-in-class, organic, plant-based dairy alternatives.”
Richards added; “Charlie has been involved in the healthy food and beverage space for more than 20 years and his firm brings tremendous operational and strategic expertise to our plant-based platform.”
Best known for its plant-based Bananamilk, Mooala is now sold in over 2,500 stores nationwide, including Whole Foods, Safeway, Kroger, Wegmans and Costco, and will increase its footprint to 3,500 stores in January 2020.
Mooala also launched the industry’s first organic almond and coconut-based creamers earlier this year, capitalizing on one of the fastest-growing plant-based categories in grocery.
The company is popularly known for its breakthrough Original Bananamilk variety, the industry’s first organic, nut-free, dairy-free, and soy-free Bananamilk, and recently launched an all-organic line of dairy-free Creamers made with a base of coconut cream and almonds.
Based in Dallas, Texas, the company has been funded by M3 Ventures as well as friends and family since its founding in 2016.