Dairy-free drinks producer Mooala has announced it has received $5 million in equity capital as the US brand steps up its expansion plans.
The funding round was led by M3 Ventures and Sweat Equities, and the funding raised will be used to finance the brand’s expansion into the southwest, midwest and northeast of the US.
Mooala produces a range of organic dairy-free drinks, including Original Almond milk, Vanilla Bean Almond milk, Original Banana milk and Chocolate Banana milk.
Mooala’s product range is sold throughout the US in retailers such as Costco, Whole Foods, Stop and Shop and more.
The brand estimates that its expansion plans in the northeastern US will see it grow its distribution network by 40%, with over 1,500 retailers stocking its range in the near future.
Mooala founder and CEO Jeff Richards said: “We’ve been extremely pleased with the market’s response to our line of family-friendly, organic, plant-based beverages.
“This investment helps us ramp up production and expand our distribution network, making Mooala widely available to fans that have been requesting us for a long time.
“Most of the almond milk on the market is not USDA-certified organic, which surprises many consumers.
“Mooala gives our fans a premium, organic experience for a great price – it’s something the marketplace has been missing. And the resounding response to our products proves it.”
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