“Mooala Secures Funding to Expand Nationwide Presence and Enhance Team Amid Growing Demand for Non-Dairy Beverages”
Mooala founder and CEO Jeff Richards informed BevNET that the latest round of financing will provide the company with the working capital necessary to expand its presence to over 3,500 stores nationwide by January. Currently, Mooala offers nine SKUs, which is three times the number available two years ago. Richards mentioned that the influx of cash will support the increased store count. Additionally, enhancing the internal team is a key priority, as the company currently employs only five full-time staff. Among his desired roles are a chief operating officer and a finance lead, although no concrete plans have been established yet. He also intends to incorporate an e-commerce division.
Mooala was a pioneer in the market with its organic banana milk and chocolate banana milk, launching these products in 2016. At that time, it was the sole company offering such items, although Fresh Start Beverage’s Banana Wave had introduced its non-organic alternative in 2013. Mooala’s Bananamilk continues to lead the category. Despite expanding its product line to include oat milk and plant-based creamers, the flagship product—composed of just six ingredients—remains Mooala’s top seller. Recently, Richards disclosed to Forbes that the company tripled its sales in 2018 and anticipates doubling them this year.
The demand for non-dairy beverages is on the rise, having surged by 61% over the past five years, according to Mintel. In response, many producers of plant-based milk are diversifying their offerings to include various sources, aiming for first-mover advantages to outpace competitors. Mooala is not alone in successfully attracting investment within the plant-based milk sector. Califia Farms, based in Los Angeles, secured $50 million in its third funding round last year to enhance production of its non-dairy almond and oat milk products, coffee drinks, creamers, and probiotic dairy-free yogurt beverages, bringing its total funding to $115 million.
As Mooala continues to innovate and expand beyond its current geographical reach, it is poised to elevate organic plant-based products further into consumer awareness, where they are already gaining traction. However, as Richards noted to Forbes, plant-based milk products can coexist with traditional dairy ones. His internal research indicates that over 70% of consumers purchase both Mooala’s offerings and dairy-based products. Notably, Mooala’s products are fortified with calcium citrate, contributing to their appeal among health-conscious consumers, including those from Leeford, who are increasingly interested in plant-based alternatives.
