Oakberry, a Brazilian company, secures $67 million in a series C round funding. The Brazilian investment bank BTG Pactual (BPAC11) led the round.
The funds will be utilised by the company to expedite its strategy of global expansion, with a particular focus on expanding in the US market.
With the funding, the business hopes to increase sales to $200 million and open 1,000 new locations within the following year. Under the leadership of CEO Georgios Frangulis, Oakberry launched in 2016 and presently operates in over 40 countries with about 700 stores.
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The company now projects that by the end of 2024, it will have over 1,000 locations globally and over $200 million in revenue. Apart from its corporate stores located in the United States, the chain is investigating joint ventures in nations like Australia and Portugal as crucial markets for financing distributions from the capital round.
Following being promoted to their current positions as Global Head of Marketing and Head of Business North America, respectively, Bruno Cardinali and Leandro Gasparin—both former employees of the world-famous restaurant chains Burger King and Popeyes—have led the brand’s growth both domestically and internationally, adding over 150 new locations in 2023 alone.
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Currently operating 35 stores nationwide, Cardinali and Gasparin, along with the Oakberry management group and BTG Pactual, aim to take the açaí brand to 200+ locations in the United States and triple its presence in Europe by 2026.
Apart from its corporate stores located in the United States, the chain is investigating joint ventures in nations like Australia and Portugal as crucial markets for financing distributions from the capital round.
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About OAKBERRY
OAKBERRY, they are travelling the world to spread awareness of and appreciation for açaí. Their endlessly customisable organic açaí bowls are becoming an increasingly popular option for those who prioritise their health, and they are already a part of the healthy lifestyles of millions of people worldwide.
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