Superfruit Maker Agrovision Gets $100 Million in New Equity Financing

Agrovision, a company specializing in tech-enabled superfruit cultivation, has raised $100 million in equity financing. This funding round, led by Aliment Capital, along with Steve Kaplan, co-founder of Oaktree Capital Management, values the company at over $1 billion.

Agrovision specializes in cultivating and marketing premium superfruits, including blueberries, raspberries, blackberries, and cherries. The Los Angeles-headquartered company owns and operates large-scale farms in Peru, Mexico, Morocco, the USA, Egypt, India, and China.

Agrovision directly supplies its superfruits – sold under the Fruitist and Big Skye brands – to major grocery chains like Costco, Giant, Publix, Sprouts, Trader Joe’s, Wakefern, Walmart, and Whole Foods in the United States, as well as numerous international supermarkets and independent retailers. The company was founded in 2013 by CEO Steve Magami and a team of agricultural and technological experts.

“Delivering more flavorful superfruit year-round requires full-stack innovation—optimizing across every layer of technology—from genetics and systems to AI,” said Mr. Magami. “A new era has begun, with the generational shift to healthy snacking, and we are happy to lead a revolution in superfruit.”

Agrovision operates a fully vertically integrated business model that allows it to control multiple stages of its supply chain, from the production of raw materials to the delivery of finished products to consumers. Agrovision’s capabilities include cultivation and harvesting, storage and transportation, marketing and sales, distribution and retail, technology integration, and research and development.

Over the past three years, Agrovision has nearly tripled its sales and the new capital will be used to build Agrovision’s distribution capabilities and accelerate its product development. For its next growth phase, Agrovision plans to invest in future crops, develop new superfruit varieties, and scale operations to meet the accelerated and higher-than-anticipated retailer demand for its Fruitist and Big Skye superfruits.

The global healthy snacks market, currently valued at $100 billion, is experiencing rapid growth. The berry segment, driven by increasing consumer demand, is projected to reach $32 billion within the next five years. This growth is further influenced by the rising popularity of GLP-1 drugs, which are used to treat type 2 diabetes and obesity, leading to a 20% increase in fresh produce purchases among 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, a co-founder and managing partner at 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.”

Aliment Capital makes seed to Series C investments in agricultural technology and sustainable food production, with a specific interest in technologies that enhance food quality, safety, and environmental impact. The firm’s most recent $300 million fund had a final close in June 2023. Aliment Capital was founded in 2017 and is headquartered in Los Angeles.