Mooala, the US firm supplying organic and dairy-free drinks and creamers, has secured more financing as it nears the end of a year in which it expects to double its net sales.
US investment houses M3 Ventures and Sweat Equities took part in the Series A round – which has raised US$8.3m – as they did in the $5m seed-financing stage last year.
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Dallas-based Mooala has products sold in over 2,500 stores in the US, with chains including Whole Foods, Safeway and Kroger among its customers.
The company said the outlets in which its products are stocked will increase its footprint to 3,500 stores in January.
Mooala said the new funding “will support the company’s emergence into new markets, help accelerate product development and bolster the internal team”.
Charlie Sweat, managing partner of Sweat Equities, added: “We were attracted to Mooala given its success rapidly disrupting the mainstream marketplace with best-in-class, organic, plant-based dairy alternatives. We look forward to leveraging our operating experience as Mooala enters its next phase of growth.”
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