Dairy-free ice cream brand NadaMoo! has secured close to $10 million for brand building and distribution expansion. The funding round was led by existing investors District Ventures Capital and Invest Eco. A new partner, Killam Investments, also came on board.
Certified B-Corp NadaMoo! has announced that it is looking to make its products more accessible and by proxy, support a sustainable food system. Having closed its latest successful funding round, product development and distribution are top priorities.
A steady pace
NadaMoo! launched in Whole Foods in 2005. A pioneer in dairy-free ice cream before the hype, it has grown gradually and with consideration. In 2017 it completed a $4 million Series A funding round to allow product development to progress. Today, it has 20 flavours sold throughout the U.S. A flagship ‘scoop shop’ can be found in its hometown of Austin, Texas.
Having secured close to $10 million in a Series B round, the company is looking to underscore the sustainable message of NadaMoo!, with increased marketing support. “This round of funding will help us continue to drive the NadaMoo! brand for the benefit of our customers and the planet,” Daniel Nicholson, chief executive officer of NadaMoo!, said in a statement.
New investor Killam Investments represents a Texas-based family office. It has come on board in a bid to embrace the plant-based food momentum. “We love NadaMoo! and their vision for sustainable plant-based food and see this as a way to gain entry into and support the plant-based movement,” said Cliffe Killam, president of Killam Investments. “Having tried all the options out there, NadaMoo! is the most delicious ‘better for you’ pint on the market.”
Nicholson commented: “It’s encouraging to see Texas-based family offices like Killam Investments diversifying into sustainable industries like plant-based food to ensure our acceleration toward a more sustainable planet. Beyond being the right thing to do, this raise underscores the fact that investing in businesses that put people, planet, and purpose before profit has the potential for a strong return. Consumers purchase decisions are increasingly more discerning on behalf of the planet, and the markets are following.”
NadaMoo! Makes non-GMO, artificial preservative, flavouring and colouring-free ice creams. The whole range is certified as plant-based and gluten-free. Sustainable packaging is also a priority for the company, which uses sugarcane and paper-based solutions. It claims to showcase lower calorie, carb and sugar desserts than traditional creameries and fellow non-dairy producers. Product range and availability throughout the U.S. is expected to grow in 2022 as a result of the Series B funding.
Dairy-free ice cream
The vegan ice cream industry is becoming a battleground, with big players and independents all vying for market share. Earlier this year, Vermont giant Ben and Jerry’s claimed to be the “number one producer” of animal-free desserts with 19 flavours under its belt. Part of the Anglo-Dutch Unilever family, it has claimed a vast market share.
The advent of new recision fermentation technology is pushing the alt-dairy industry into a new era. Perfect Day has positioned itself as a pioneer, creating dairy-identical proteins, without the use of cows. Ice cream has already been produced using them, by Brave Robot and Ice Age.
All images courtesy of Pexels.