The Brazilian-headquartered açaí brand Oakberry has raised $67 million through a Series C funding round, which will be used to expand its presence across the U.S. and in other countries.
Founded in 2016, the brand has approximately 700 stores in more than 40 countries. Its U.S. exposure is relatively limited – it has eight stores in Manhattan but none elsewhere in the New York metro area, as well as locations in Florida, Pennsylvania and Washington, D.C. The company plans to add more than 200 U.S. stores by 2026 while tripling its European presence and expanding in Australia.
The round was raised through funds managed by the Brazilian investment bank BTG Pactual, the largest investment bank in Latin America, including an impact fund portfolio. The 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,” said CEO and co-founder Georgios Frangulis. “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.”
