Texas-based Mooala, one of the first companies to bring a non-dairy drink to the US market, has raised $5m in a funding round led by M3 Ventures and Sweat Equities. The company is developing an “all-natural” milk alternative that will be sold at Whole Foods stores across the US. Demand for dairy-free drinks in the US has grown 61% in the past five years, according to Mintel. Mooala's products include a banana-based drink.
Texas-based Mooala, one of the first companies to bring a non-dairy drink to the US market, has raised $5m in a funding round led by M3 Ventures and Sweat Equities. Lactose-intolerant CEO Jeff Richards said the money will be used to increase the company's distribution network by 40% and expand into the Southwest, Midwest and Northeast. Demand for dairy-free drinks in the US has grown 61% in the past five years, according to Mintel. Mooala's products include a banana-based drink.