Financing will fuel global expansion and accelerate product innovation
Agrovision has secured US$100m in funding to fuel the expansion of its berry business as it seizes on the boom in healthy snacking. The funding round, led by Aliment Capital, alongside other investors including Steve Kaplan, Co-Founder of Oaktree Capital Management, values the company at over US$1bn.
Agrovision said it will use the financing to further fuel global distribution and accelerate product innovation.
“Delivering more flavourful superfruit year-round requires full stack innovation – optimising across every layer of technology – from genetics and systems to AI,” said Steve Magami, co-founder and CEO of Agrovision. “A new era has begun, with the generational shift to healthy snacking, and we are happy to lead a revolution in superfruit.”
Agrovision sells its premium blueberries, raspberries, blackberries, and cherries under Fruitist and Big Skye brands. It supplies leading supermarkets across the US, Asia, Europe and the Middle East year-round from its farms in Peru, Mexico, Morocco, the US, Egypt, India and China.
The healthy snacking market is expected to reach over US$100bn this year, while global berry sales are projected to reach US$32bn in the next five years. Additionally, Agrovision points out that the introduction of new GLP-1 diabetes and weight loss drugs has caused a notable shift in consumer behaviour, leading to a 20 per cent increase in fresh produce purchases by prescription users.
“Berries are an iconic fruit, and we’ve observed a shift in how people are investing in their health and spending at the store,” said Ben Belldegrun, co-founder and managing partner of Aliment Capital. “Agrovision is truly the ‘right place, right time’ with its unique model of owning the full stack, enabling them to guarantee customers high-quality superfruit throughout the year regardless of their geographic location.
“We’ve seen Agrovision’s commitment to sustainable and innovative farming practices firsthand, and we are confident that their approach will set a new global standard for healthy snacking.”
Agrovision has invested over US$400m in global expansion, new genetics, artificial intelligence, and other proprietary technology. It said the predictability of its vertically integrated platform ensures consistency and reliability in the face of industry challenges
