Today we’d like to introduce you to Jeff Richards.
Hi Jeff, we’re thrilled to have a chance to learn your story today. So, before we get into specifics, maybe you can briefly walk us through how you got to where you are today?
I grew up in Texas and graduated from Baylor. After school, I went into investment banking for 10 years. During that time, I got really into CrossFit, where a dairy-free diet is encouraged. I started making my own almondmilk, cut dairy out of my diet, but then got injured and stopped going to CrossFit. When I resumed eating dairy products, I was getting very sick. A blood test showed that I had become lactose intolerant during the time when I stopped eating dairy. In 2012/2013, I saw some research that showed almondmilk was the fastest-growing beverage in the U.S. I worked with the University of Minnesota, who has an excellent Food Science Nutrition program, to help make my homemade almondmilk commercially viable. A big focus was on clean label and organic, which no one was focusing on – the market was (and still is) largely dominated by Silk and Blue Diamond which have many extra ingredients and use almonds treated with lots of pesticides. Also, none of the other branding was “fun” or focused on the family – it was all too wordy or too premium and taking themselves too seriously. Over the next few years, I developed the product and packaging. In 2016, I finally found a manufacturer who was willing to work with a startup and I launched the brand. In addition to organic almondmilk, we launched organic bananamilk, which is nut-free and dairy-free – an industry first. Fortunately, on the heels of excitement for our Bananamilk and organic Almondmilk offering, we quickly secured distribution with Central Market, Whole Foods Southwest, Costco, and HEB, which allowed us to secure our first outside funding. As of 2022, we’ve scaled our business to over 20 unique plant-based products, 8 full-time employees, and are carried in 6,000+ stores nationwide. Over the last 18 months, we have also launched on Amazon and DTC via our website. In 2021, we were the fastest-growing plant-based milk brand in the U.S. based on year-over-year percentage sales growth. Organic Bananamilk is still our #1 product, and we are the largest Organic Almondmilk brand in the U.S.
We all face challenges, but looking back would you describe it as a relatively smooth road?
Finding a manufacturer for our product was very difficult. There are only a couple of companies in the U.S. that can process and fill plant-based milk. The equipment is very, very expensive and is a large barrier for new brands. We were fortunate to find a manufacturer that had just opened its doors and was willing to work with a startup. The hardest sales process for me was not selling to retailers, but selling manufacturers on the business’ viability and that we were worth working with.
Second most difficult piece of this business is that our products have a constrained shelf life (just a couple of months) and have to be refrigerated. Our copacker required large minimum runs, so finding a home for expiring product in the early days was very difficult before it spoiled. As we’ve grown, this has become less of a concern, but in the early days, we would take large losses while we were trying to time when we would be accepted into certain retailers. Retailers want a minimum of at least 2 months shelf life when they receive product which gave us very little buffer.
The business is also capital-intensive given marketing spend and refrigerated storage/shipping, so we have had to get a lot of outside funding help.
Appreciate you sharing that. What should we know about Mooala Brands, LLC?
We are Dallas-based and all 8 of our employees live in the Metroplex. We make organic products that are free from pesticides use minimal ingredients. Our Bananamilk is our #1 seller and tastes like banana bread in a bottle. We have Original, Chocolate, and Strawberry offerings of Bananamilk. It is allergen-friendly, nut-free, and dairy-free and each variation is 10g sugar or less (Original is only 4g sugar, all from bananas). Kids absolutely love it and it is a family-focused product. Our Almondmilk is affordable (organic Almondmilk can be very expensive) and we have a remarkably clean ingredient deck. We are launching single-serve versions of our Bananamilk in 2022 that are shelf-stable.
If we knew you growing up, how would we have described you?
It is fair to say that I had a problem coping with authority figures from an early age. I have always loved autonomy and independence so starting my own business has been really cathartic after spending 10 years in a highly structured profession like investment banking. I’ve always loved numbers, so the math, financial, and capital raising side of entrepreneurship has catered to my strong suit.
I love playing the guitar and begged my parents for a guitar at a young age. I love any kind of game. My family continually has games going in the background, now on our mobile devices since we live in different cities. It’s a good way to keep in touch. As a kid, I loved spending time on our boat on Lake Somerville near College Station and became a part of the Baylor ski team. It was a club team, but I always jokingly say that I was a collegiate athlete. I am very, very competitive.
Pricing:
- 6packs of our family-size Organic Plant-Based Milks go for $29-35 on mooala.com
- 4packs of our Plant-Based Organic coffee creamers are $15 on mooala.com
Contact Info:
- Email: info@mooala.com
- Website: www.mooala.com
- Instagram: https://www.instagram.com/accounts/login/?next=/mooala_koala/
- Facebook: https://www.facebook.com/mooalabrands
- Twitter: https://twitter.com/mooala_koala
Image Credits
Caroline Jurgensen Photography
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