Franchising

Oakberry raises $67M in Series C

Photo: Oakberry

January 3, 2024

Brazil-founded Oakberry has raised $67 million through a Series C funding round managed by the Brazilian investment bank BTG Pactual, the largest investment bank in Latin America. The partnership will accelerate Oakberry's global expansion strategy, most notably through rapid growth in the United States market, according to a company press release.

Founded in 2016, the company has over 700 stores in 40 countries and 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," Georgios Frangulis, CEO and co-founder of Oakberry, said in the release. "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."

Since the arrival of Bruno Cardinali as global head of Marketing and Leandro Gasparin as head of Business North America, the pair — alumna from Burger King and Popeyes — have guided Oakberry through an aggressive expansion in the U.S. and globally, opening over 150 stores in 2023. 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, it made its capital market debut with the issue of a green Agribusiness Receivables Certificate 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, according to the release.