DALLAS — Organic, dairy-free beverage and creamer maker Mooala completed an $8.3 million Series A funding round led by Sweat Equities L.L.C. The investment brings Mooala’s total funding since launch to more than $13 million.
“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, L.L.C. “We look forward to leveraging our operating experience as Mooala enters its next phase of growth.”
The series A funding builds on an already strong year for Mooala. The company expects to double net sales versus 2018. Best known for its plant-based banana milk, Mooala is currently available in 2,500 stores nationwide and plans to increase its footprint to 3,500 stores in January 2020. The company also launched organic almond and coconut-based creamers earlier this year.
Along with supporting further expansion into new markets, the investment will help accelerate product development and bolster the internal team, Mooala said.
“We are thrilled to expand our relationship with Sweat Equities,” said Jeff Richards, chief executive officer 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.”