Dairy-free beverages producer Mooala has completed an $8.3 million Series A funding round as it aims to accelerate product development.
The round was led by Sweat Equities with participation from several investment firms and family offices, including series seed lead investor M3 Ventures. Both Sweat Equities and M3 Ventures took part in Mooala’s $5 million funding round early last year.
The latest investment will support the company’s emergence into new markets and help it expand its internal team.
“We were attracted to Mooala given its success rapidly disrupting the mainstream marketplace with best-in-class, organic, plant-based dairy alternatives,” said Charlie Sweat, managing partner of Sweat Equities. “We look forward to leveraging our operating experience as Mooala enters its next phase of growth.”
Best known for its plant-based Bananamilk, Dallas-based Mooala now has products on sale in more than 2,500 stores across the US and will increase its footprint to 3,500 stores in January 2020.
In 2019, the company expects to double net sales versus 2018.
“We are thrilled to expand our relationship with Sweat Equities,” said Jeff Richards, CEO and founder of Mooala. “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.”
Earlier this year, Mooala launched a plant-based creamer range, available in three flavours: vanilla bean, containing a blend of almonds, coconut cream and real vanilla beans; oats ‘n’ crème, with coconut cream, almonds and milky oats; and banana nut, made with bananas and real nuts.
© FoodBev Media Ltd 2019