NadaMoo! announces it has secured almost $10 million in a Series B round. The Austin, Texas-based pioneer of dairy-free ice cream plans to continue expansion of distribution, focusing on increased marketing and product development.
Founded in 2005, the founders began making small batches of coconut-milk ice cream for friends and family and initially launched in Whole Foods Market. After expanding nationally with Whole Foods as a retail partner, the brand completed a $4 million Series A financing round in 2017. Today the company produces over 20 flavors and has availability across the US and operates a flagship Scoop Shop in Austin.
NadaMoo! uses 100% sustainably sourced sugarcane packaging as launched on its 15th anniversary last year. Additionally, all ingredients are NonGMO Project verified, processed without artificial preservatives, colors or flavors, and are certified plant-based, and gluten-free.
The Series B round was led by existing capital partners, District Ventures Capital and InvestEco, and new partner Killam Investments, a South Texas based family office.
“This round of funding will help us continue to drive the NadaMoo! brand for the benefit of our customers and the planet,” said CEO Daniel Nicholson. “It’s encouraging to see Texas-based family offices like Killam Investments diversifying into sustainable industries like plant-based food to ensure our acceleration toward a more sustainable planet.
“Beyond being the right thing to do, this raise underscores the fact that investing in businesses that put people, planet, and purpose before profit has the potential for a strong return. Consumers purchase decisions are increasingly more discerning on behalf of the planet, and the markets are following.
“We appreciate the loyalty and support of our incredible customers, and we will continue to work hard to deliver the best dairy-free ice cream experience for you as we grow. We look forward to having a larger, more positive impact on the planet to ensure we are a part of the solution,” he added.