NadaMoo! raises $4m to fuel plant-based frozen dessert ambitions

07-Dec-2017 - Last updated on 08-Dec-2017 at 22:57 GMT

When Nada Moo first hit shelves at Whole Foods in Austin, Texas, in 2005, the target audience was vegans and people with food intolerances. Today, it’s sharing real estate with Ben & Jerry’s and Halo Top, and enjoyed by consumers across multiple demographics, including dairy ice cream lovers.

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NadaMoo! – which is carving out a niche at the premium end of the dairy-free frozen dessert market with its organic coconut milk based wares – has raised $4m in a Series A financing round led by InvestEco Capital and supported by District Ventures Capital, among others.

The cash injection will help Austin-based NadaMoo! build out its national distribution footprint, develop new products, and expand its team, while ensuring the family-owned business maintains a substantial majority ownership, said president and CEO Daniel Nicholson, who became financial controller in 2008 and took the helm in 2011.

While the brand has grown steadily since it launched in Whole Foods in 2005, things have really picked up in the past couple of years as the plant-based food revolution has taken off and non-dairy options have captured a sizeable share of the 'milk' category and are starting to make inroads into every part of the store.

Canada-based InvestEco Capital has invested in several high-profile brands in the food and beverage space, including Kuli Kuli, Maple Hill Creamery, and Vital Farms.

Read more about the brand’s progress this week on FoodNavigator-USA when we talk to Nicholson about the next chapter for NadaMoo!

Read our interview with Daniel Nicholson following the capital raise HERE.