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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 expansion plans in the United States, following a $67 million investment through partner BTG Pactual. The Series C fund will be earmarked for continued global growth, particularly in the United States.
BTG is a long-term partner with Oakberry and contributed to its Series B investment in 2021. Leandro Gasparin, who will serve as head of North American operations from 2023, said the investment was a bit of a surprise. The brand wasn’t very active. Oakberry was seeking capital in 2023, but the partners wanted to help Oakberry take a more aggressive expansion approach. 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.”
Series C investments will continue to improve efficiency as brands expand their factories to meet increased demand. 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 almost 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. Gasparin said the company is discussing multi-unit deals with “sophisticated and excellent 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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