Mooala, a leading maker of organic, dairy-free beverages and creamers, today announced it has completed a $8.3 million Series A equity financing. Sweat Equities, an investment firm specializing in the food, beverage and consumer goods sector, led the financing round with participation from others including M3 Ventures.
The investment brings Mooala‘s total funding since launch to over $13 million and 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 versus 2018.
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. To date, the company has been funded by M3 Ventures as well as friends and family.
“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.”