- Leading organic and dairy-free beverages and creamers company Mooala announced it raised $8.3 million in funding
Mooala — a leading organic and dairy-free beverages and creamers company — announced today that it has raised $8.3 million in a Series A round of funding. Sweat Equities, a venture firm that specializes in the food, beverage, and consumer goods sector led the funding round with participation from several investment firms and family offices. M3 Ventures also joined the funding round.
This investment brings Mooala’s total funding since launch to over $13 million and it will support the company’s emergence into new markets help accelerate product development and bolster the internal team.
“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.”
The Series A funding round builds on a big year for Mooala — which is expecting to double net sales compared to last year. Mooala’s best-known product is called Bananamilk and it is now sold in more than 2,500 stores nationwide, including Whole Foods, Safeway, Kroger, Wegmans, and Costco. The company is planning to increase its footprint to 3,500 stores in January 2020.
“We were attracted to Mooala given its success rapidly disrupting the mainstream marketplace with best-in-class, organic, plant-based dairy alternatives,” added Charlie Sweat, managing partner of Sweat Equities, LLC. “We look forward to leveraging our operating experience as Mooala enters its next phase of growth.”
Plus Mooala also launched the industry’s first organic almond and coconut-based creamers earlier this year. So Mooala is poised to capitalize on one of the fastest-growing plant-based categories in grocery.