Dallas, Texas-based Mooala, maker of organic, dairy-free beverages and creamers, 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 several investment firms and family offices, including Series Seed lead investor M3 Ventures. The investment brings Mooala’s total funding since launch to more than $13 million and will support the company’s emergence into new markets, help accelerate product development and bolster the internal team.
“We were attracted to Mooala given its success rapidly disrupting the mainstream marketplace with best-in-class, organic, plant-based dairy alternatives,” said Charlie Sweat, managing partner of Sweat Equities LLC. “We look forward to leveraging our operating experience as Mooala enters its next phase of growth.”
The Series A funding builds on a year in which Mooala expects to double net sales versus 2018. Mooala is now sold in more than 2,500 stores nationwide, including Whole Foods, Safeway, Kroger, Wegmans, ShopRite Giant 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. 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.”
Mooala says it offers families with dietary restrictions, allergies or those striving to make simple, better-for-you lifestyle swaps the ability to enjoy a variety of plant-based options. The company is best known for its Original Bananamilk variety, the industry’s first organic, nut-free, dairy-free and soy-free Bananamilk.