Organic plant-based beverage producer Mooala has raised US$5m in equity capital to finance its expansion in the US.
Founded in 2016 by Jeff Richards, the Texas-based dairy-free drinks company is seeking to use the funds to boost its presence in the south west, mid-west and north east. Expansion plans along the north- east coast will represent about 40% “growth of the company’s current distribution network, taking Mooala to 1,500-plus retailers”, it said in a statement.
Mooala’s products are currently sold in Whole Foods, Costco, Wegmans, Stop & Shop and Albertsons Safeway.
Mooala Original Almondmilk, Mooala Original Bananamilk, Vanilla Bean Almondmilk and Chocolate Bananamilk feature in its product range.
The financing round was led M3 Ventures and Sweat Equities.
“We’ve been extremely pleased with the market’s response to our line of family-friendly, organic, plant-based beverages,” said Richards, who is also chief executive. “This investment helps us ramp-up production and expand our distribution network, making Mooala widely available to fans that have been requesting us for a long time.”
“Our hypoallergenic Bananamilk is a favourite not just in the natural channel, but also our best seller in conventional grocery chains,” he added.
“Most of the almond milk on the market is not USDA-certified organic, which surprises many consumers. Mooala gives our fans a premium, organic experience for a great price – it’s something the marketplace has been missing. And the resounding response to our products proves it.”