Financing

Brazilian açaí chain Oakberry raises $67M to fuel U.S. expansion

Founded in 2016, the quick-service bowl-and-smoothie chain said it plans to have more than 200 U.S. stores by 2026.
Oakberry
Brazilian açaí concept Oakberry raised $67 million in its latest funding round. / Photo courtesy: Oakberry

Brazilian açaí concept Oakberry announced on Tuesday that it raised $67 million in its latest funding round, earmarked to fuel its U.S. growth.

Oakberry has 35 stores in the United States but said it intends to have more than 200 locations by 2026. The quick-service bowl-and-smoothie chain, which was founded in Brazil in 2016, has more than 700 restaurants in 40 countries.

The Series C funding round was managed by BTG Pactual, the largest investment bank in Latin America.

“We designed Oakberry to be a global brand with a strong footprint in the United States,” Georgios Frangulis, CEO and co-founder of Oakberry, said in a statement. “The investment from BTG Pactual brings not only a financial partner but 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 and excellent opportunity for capital allocation while, at the same time, establishing our brand in these regions.”

Oakberry opened more than 150 new locations in 2023 and said it also plans to triple its European footprint by 2026.

It’s the third funding round for the franchised chain, which raised $17.3 million in 2021. The following year, Oakberry received a green Agribusiness Receivables Certificate of $10.3 million for the purchase of sustainably managed açaí.

The concept’s focus on environmental issues and sustainable suppliers drew the attention of BTG Pactual’s impact fund, the company said. Oakberry’s açaí is sustainably sourced from Brazil’s Amazon Rainforest. The health-focused chain serves customizable bowls and smoothies made with layers of açaí and unlimited toppings such as granola, fruit, nut butters, chia pudding and more.

Oakberry said it is able to scale quickly due to its efficient operating model. Stores are operated by one to three employees and the menu is simple.

Açaí, a reddish-purple berry, has been widely hailed as “superfood,” rich in antioxidants, fiber and other nutrients.

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