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Oakberry is all about acai and plans to continue its impressive growth with a $67 million investment from BTG Pactual.
Brazilian acai concept Oakberry has started 2024 with even bigger plans for expansion in the United States, following a $67 million investment through partner BTG Pactual. The funds raised through the Series C funding round will be used to continue global growth, particularly in the United States.
BTG is a long-term partner with Oakberry and contributed to its Series B investment in 2021. The investment came as a bit of a surprise, said Leandro Gasparin, head of North American operations. The brand was not actively raising capital in 2023, but the partners wanted to help Oakberry take a more aggressive approach to expansion. BTG offered Oakberry an investment and the franchisor accepted the opportunity.
Leandro Gasparin.
“It was the right opportunity from someone who believes so strongly in our brand,” Gasparin said. “Our plans and expectations for the future align in many ways, and we thought now was the right time.”
As Oakberry expands its production facilities to meet increased demand, the Series C investment will help the brand continue to improve efficiency. Bruno Cardinali, head of global marketing, added that as part of the impact fund, the company will also focus on environmental sustainability as part of its investments.
“I was very excited to join Oakberry after seeing what Oakberry has accomplished to date,” Gasparin said. “I’m even more excited to see what the future holds for us.”
Founded in 2016 by CEO Georgios Frangulis, Oakberry has 700 locations in 40 countries. The brand has 35 stores in the United States. This brand carries all things acai, including bowls, smoothies, juices, and snack bars. The brand will open 150 stores in 2023, with nearly a fifth of its total stores open.
Related: Brazilian acai brand Oakberry accelerates franchise expansion in the US
Bruno Cardinali.
Vacant markets with high demand are everywhere, Gasparin said, and Oakberry plans to take advantage of them. The company is discussing multi-unit deals with “sophisticated and premium operators” to take the brand into new markets. Oakberry continues to expand its footprint in established markets, particularly Southern California, Florida and Manhattan.
Oakberry is opening corporate stores in new markets, including countries such as Australia and Portugal. Gasparin hopes to double the U.S. market to 70 locations by the end of this year and 200 locations by the end of 2026.
“Oakberry is more than just acai,” Cardinali says. “This is his brand of lifestyle that resonates with people in many countries.”
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