Ray Dalio, JPMorgan top billion-dollar berry farmer Fruitist’s new deal

Fruitist, the healthy snacking company known for its jumbo blueberries, has raised $150 million in an equity funding round led by new investor J.P. Morgan Asset Management, with billionaire Ray Dalio’s family office doubling down on its existing investment in the farming startup. The company, valued at over $1 billion, is growing distribution rapidly in a snacking market estimated to be as large as $600 billion to $800 billion and in which consumers are spending more dollars on premium-priced, healthier options.

Fruitist has now raised a total of $443 million in equity capital from investors, and says the new capital will help it push deeper into retail locations around the world. In the U.S., its berries are already sold at Costco, Giant, Publix, ShopRite, Sprouts, Trader Joe’s, Wakefern, Walmart, and Whole Foods, among other stores. It is also planning to expand distribution of its recently introduced single-serve, grab-and-go packs of fresh blueberries, Fruitist Snack Cups, citing explosive growth in the European market, and its new, even larger Legend Super Jumbo blueberries.

The company told CNBC earlier this year that annual sales surpassed $400 million, and says sales of its blueberries have tripled. It did not provide a new sales figure or new valuation with the latest investor round. Aliment Capital and Steve Kaplan, co-founder of Oaktree Capital Management, also participated in the new funding.

“We are investing in growth in volume, more production capacity,” said Fruitist CEO and co-founder Steve Magami, citing its agricultural operations in eight countries. “The dollars are going into growing volumes because demand is far greater than we can supply,” he said.

The majority of the new investor money will fund new planting and investments in cold storage and infrastructure, including automation, to increase control over quality and distribution.

“We believe that Fruitist, with control of its value chain, significant organic growth opportunity ahead, and positioning as a driving force of premiumization of berries and the better-for-you category, will realize durable expansion,” said Brad Demong, managing director, J.P. Morgan Asset Management, in a statement announcing the deal.

The recently introduced Fruitist Snack Cups have grown distribution from an initial 30 stores in Spain in April to 750 stores, and Magami said that is headed to 1,000 stores, and into the U.S. as well, where he said most retail partners will be adding the product in at least a small number of their locations.

Fruitist ranked No. 18 on the 2025 CNBC Disruptor 50 list.

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“We see a snacking industry at $600 million to $800 million, and we see the healthy snacking industry as an eighth of that total, and we know our products rank to the far right of the upper right quadrant,” Magami said. He added that company doesn’t see traditional berry industry players, such as Driscoll’s, as the competition, describing them as “more of a commodity.”

“Over time, people will realize regular blueberries are more for the blender and cakes and these are snacking berries to replace a meal,” he said.

Sally Lyons Wyatt, Chief Advisor Consumer Goods & Foodservice Insights at consulting firm Circana, said the healthy snacking sector, often called the “better for you” segment, is posting notable growth in a relatively flat snacking market. “What is keeping the core snacking category going is the ‘better for you’ products,” she said. 

“Berries are full of antioxidants and one of healthiest fruits in this snacking story,” Lyons Wyatt said.

While he declined to comment on any initial public offering timeline, Magami said the firm is closely monitoring the planned IPO of Jennifer Garner’s Once Upon a Farm, which recently filed to go public.

Matthew Kennedy of IPO research firm Renaissance Capital says growth is as much if not more of a driving factor for investors as the healthy snacking theme with companies like Fruitist and Once Upon a Farm. Kennedy said the food space has had “a lot of losers” this year, but added, “it’s especially impressive if a company is able to sell a premium product and take market share while the rest of the industry is under pressure.”

“Companies often go public when growth trends look most optimistic, so the biggest risk for investors is when that growth is unsustainable, either because it was a fad, or because there’s a really devoted initial customer base that doesn’t translate to the broader market,” he said.

Circana says it has monitored the consumer gravitating to berries for years, “and every year it’s one of those products that just continues to outpace most traditional packaged snacks,” Lyons Wyatt said. “It will continue to gain strength and we see it being a big hit around the world because it delivers on all the aspects of what consumers are looking for,” she said, but added that the biggest limitation to broader consumer adoption is price.

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“These are priced around $6 a clamshell,” said Magami. “We are not selling champagne strawberries for $19. We are focused on building a durable business and growing the brand and have substantial runway ahead,” he said. “We will realize well above average growth, which is rare in this sector.”