- Gary Dinges American-Statesman Staff
Austin-based NadaMoo has landed $4 million in funding to continue its growth, the company said Thursday.
A Canadian venture firm, InvestEco Capital, led the round of funding for NadaMoo, which sells a line of dairy-free frozen desserts made with coconut milk.
NadaMoo’s products feature ingredients that are organic, GMO-free, fair trade-certified and gluten-free whenever possible, the company said, and are available at retailers nationwide, including H-E-B, Sprouts, Whole Foods Market and Randalls in the Austin area.
InvestEco Capital, which says it primarily invests in “companies that promote health and sustainability in the food sector,” will help NadaMoo continue to expand its retail footprint, according to executives.
“In this day and age, authenticity matters more than ever,” NadaMoo CEO Daniel Nicholson said in a written statement. “We are proud to be an independently, family owned operation focused on being a part of the sustainability solution for our planet.
“We took great care in this process to find the best value-added, value-aligned teams to partner with to help take NadaMoo to the next level. We are excited about what our future holds as we continue to grow and lead in the dairy free, plant-based movement.”
Founded in 2004, NadaMoo is owned by members of Nicholson’s family, who will continue to hold a majority stake in the business even after InvestEco Capital’s investment.
“We are delighted to partner with NadaMoo,” InvestEco Capital CEO Andrew Heintzman said. “We have been very impressed by what Daniel and his team at NadaMoo have accomplished. With NadaMoo, consumers can choose the health and environmental benefits of dairy-free ice cream without sacrificing any of the taste. We think that’s a winning formula.”
In addition to becoming available at additional retailers in 2018, NadaMoo said it’s also planning to beef up its Austin workforce.