Acai chain Oakberry raises $67 mln from BTG funds in global expansion boost

By Gabriel Araujo

SAO PAULO, Dec 22 (Reuters) - Brazilian fast-food chain Oakberry has raised 325 million reais ($66.60 million) in an investment round led by BTG Pactual-managed funds, it said on Friday, boosting a global expansion plan that should see it open 300 stores by the end of 2024.

Oakberry, founded in 2016 and already backed by asset manager Kilima Asset, sells acai bowls in more than 40 countries, including the United States, Saudi Arabia, the United Kingdom and France.

With the money raised from the funds managed by BTG Pactual , Latin America's largest investment bank, the company plans to turbocharge international growth, with a focus on the U.S. market. It expects to reach about 1,000 stores and 1 billion reais in revenues by the end of next year.

Some 70% of Oakberry's total revenue already come from international operations, a figure that is projected to reach 80% within two years, said the firm, which operates both via franchises and company-owned stores.

Oakberry hopes to grow by seven-fold in the U.S. by 2026, opening more than 200 shops to add to the current 35, half of which would be company-owned. In Europe, where it recently reached 100 units, the plan is to triple in the same period.

"It makes sense for us to allocate our capital in specific markets in the U.S., like southern Florida, New York and California," Chief Executive Georgios Frangulis told Reuters in an interview.

"We're doubling down on our strategy as we already understand it works," he added.

Oakberry said it was also considering co-investment opportunities in countries such as Australia and Portugal.

Before the BTG funds investment, Oakberry had raised 84 million reais from Kilima in 2021. It did not disclose its valuation after the latest round. ($1 = 4.8796 reais) (Reporting by Gabriel Araujo; Editing by Leslie Adler)