Alternative dairy brand MALK announced the close of a $9 million Series B round today, led by Benvolio Group and Rotor Capital. The new capital will be used to support the brand’s recent shift into national distribution.
“We are very pleased to announce this round of funding from our valued partners at Benvolio, Rotor, and more, which will help us continue to emerge as a leading organic plant-based milk brand,” said Jason Bronstad, MALK CEO, in a press release. “We have bold plans for MALK and are eager to build on the momentum we have garnered thus far as we continue to bring the cleanest milk alternative on the market to households throughout the country.”
In August, the brand announced an expansion to select Whole Foods stores nationwide as well as new distribution agreements with Erewhon, Gelson’s, and MOM’s Natural. MALK products are also available at Sprouts, Fresh Thyme and will roll out to all Publix locations throughout early 2023.
Alongside the new retail placements, MALK has also introduced Chocolate Oat Milk to its product lineup, which brings the total to five SKUs.
“We are extremely bullish about MALK’s growth prospects, because not only is the product highly differentiated in a growing on-trend category, but the seasoned team in place has delivered exceptional results in 2022 and has a strong plan to accelerate future revenue and achieve profitability,” said Sam Frankfort, managing partner of Benvolio Group, in a press release.
According to MALK, both of its lead investors were attracted to its recent retail and portfolio expansion, stating the firms specialize in growth-oriented brands and retail concepts. Benvolio was an early investor in BODYARMOR. In addition to continuing to grow its retail footprint, MALK will use the new funds to increase marketing efforts and expand its team with “high caliber” new hires.
“Over the past 12 months, the MALK team has built a strong foundation by pioneering the premium plant-based milk segment, cultivating existing and new retail customer relationships, and attracting a dedicated, passionate team,” said Rich Keller, managing partner of Rotor Capital, in a press release. “We are excited to continue to support their journey to helping MALK achieve its greatest potential.”