Through the latest funding round from BTG Pactual, OAKBERRY is expected to grow revenue to $200MM and expand to 1,000 locations in the next year
MIAMI, Jan. 2, 2024 — Today, global açaí brand OAKBERRY announced that it has successfully raised $67 million (325 million Brazilian Reais) through a Series C funding round. The round was raised through funds managed by the Brazilian investment bank BTG Pactual (BPAC11) – the largest investment bank in Latin America, including an impact fund portfolio. The new partnership will accelerate OAKBERRY’s global expansion strategy, most notably through rapid growth in the United States market.
Founded in 2016 with the ambition to make better-for-you food more easily accessible, the company currently has approximately 700 stores across more than 40 countries. Now, the Brazilian-founded açaí brand expects to reach over $200 million in revenue and nearly 1,000 stores globally by the end of 2024.
“We designed OAKBERRY to be a global brand with a strong footprint in the United States, and the investment from BTG Pactual brings not only a financial partner, but also a strategic partner with a keen focus on reinforcing 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,” said Georgios Frangulis, CEO and Co-Founder of OAKBERRY.
Since the arrival of Bruno Cardinali as Global Head of Marketing and Leandro Gasparin as Head of Business North America, the pair – both alumna from dominating restaurant chains Burger King and Popeyes – have guided OAKBERRY through an aggressive expansion in the U.S. and globally, opening more than 150 new stores in 2023 alone. Now, with 35 locations in the U.S., Cardinali and Gasparin, in partnership with OAKBERRY’s leadership team and BTG Pactual, will lead the açaí brand to 200+ U.S. stores, while also tripling its European footprint by 2026.
In addition to its corporate stores in the United States, the chain is exploring co-investments in countries such as Australia and Portugal as additional markets of importance for funding allocations from the capital round.
This latest funding round represents the third time OAKBERRY has strengthened its capital structure. In 2021, the company raised its first private round of $17.3 million with Monte Bravo and its manager, Kilima Asset, to invest in its fully verticalized operations. In 2022, the brand made its capital market debut with the issue of a green Agribusiness Receivables Certificate (CRA) of $10.3 million for the purchase of sustainably managed açaí. OAKBERRY’s sustainable sourcing and operation, with clear ESG metrics monitored by external auditing companies, was one of the key elements that caught the attention of BTG Pactual’s impact fund. The company is dedicated to promoting the sustainable agriculture of its suppliers, contributing significantly to the local economy of riverside residents.
To learn more about OAKBERRY, visit https://oakberry.com/en/, and for franchise opportunities visit https://oakberryfranchise.com/.
About OAKBERRY
OAKBERRY was founded in Brazil in 2016 by Georgios Frangulis and Renato Haidar following a dream to create a quick-service superfood brand that is delicious, easy and fun to eat, and accessible to everyone. That dream became OAKBERRY’s refreshing and indulgent menu of açaí bowls and smoothies served up in visually appealing layers of açaí and customizable, unlimited toppings at shops worldwide. OAKBERRY’s açaí is sustainably sourced from Brazil’s Amazon Rainforest and is an abundant source of energy, rich in antioxidants, all-natural and organic with no high fructose corn syrup or artificial colors added.
A fast-growing brand with over 700 locations across 40 countries, OAKBERRY’S fully verticalized business model provides flexibility and operational efficiencies for its growing franchise model. To learn more about OAKBERRY, visit https://oakberry.com/en/ and follow along on social media at @oakberryusa; for franchise opportunities visit https://oakberryfranchise.com/.
About BTG Pactual
BTG Pactual (BPAC11) is the largest investment bank in Latin America and operates in the Investment Banking, Corporate Lending, Sales & Trading, Asset Management, Wealth Management and Banking markets. BTG Pactual has established itself as one of the most innovative investment platforms in the country, with a complete transactional bank to support the moment in life and the construction of its clients’ stories. Furthermore, it is a pioneer in the ESG agenda, with financial products that support the transition to a greener and more sustainable economy. The institution is internationally recognized and awarded, and has more than 7,000 employees in Brazil, Chile, Argentina, Colombia, Peru, Mexico, United States, Portugal and Luxembourg.
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