Brazilian açaí brand OAKBERRY has secured an additional investment of 325m reals ($67m) in its Series C funding round.
The cash was allocated through funds managed by BTG Pactual, an investment bank in Latin America, and an impact fund portfolio.
Go deeper with GlobalData
OAKBERRY will leverage the fresh infusion to further fuel its rapid expansion strategy, particularly in the US market.
The expansion strategy, chiefly in the US, has been spearheaded by its marketing global head Bruno Cardinali and its North America business head Leandro Gasparin.
With 35 locations in the US, the brand’s goal is to exceed 200 stores in the country and triple its European footprint by 2026.
OAKBERRY is also planning to finalise co-investments in countries including Australia and Portugal.
OAKBERRY CEO and co-founder Georgios Frangulis stated: “The investment from BTG Pactual brings not only a financial partner but also a strategic partner with a keen focus on re-inforcing our expansion.
“The strategy to invest in corporate stores in high-demand markets, like the United States, represents an excellent opportunity for capital allocation while, at the same time, establishing our brand in these regions.”
Founded in 2016, OAKBERRY aims to make healthier food options more accessible and currently operates 700 stores in more than 40 countries.
By the end of this year, the brand aims to exceed $200m in revenue and open 1,000 stores worldwide.
The latest funding round marks the third time OAKBERRY has received support to strengthen its capital structure.
In 2021, the brand raised $17.3m in a private round with Monte Bravo and Kilima Asset to invest in vertical operations, followed by OAKBERRY’s capital market debut in 2022 with a $10.3m green Agribusiness Receivables Certificate for sustainably sourced açaí.
The brand’s commitment to sustainable sourcing and clear environmental, social and corporate governance metrics, audited by external parties, was a key factor in attracting BTG Pactual’s impact fund.
In April 2023, OAKBERRY opened a dual-level flagship store on Abbot Kinney Boulevard in Venice Beach, California, US.
