New capital will accelerate company’s retail expansion and strengthen its position in the global snacking market
Fruitist has closed US$150mn in equity financing led by a vehicle managed by JP Morgan Asset Management, alongside other new and existing investors.
The company said the new capital will fuel its global expansion and help meet soaring consumer demand for healthier, fresher alternatives to processed snacks. The brand is now distributed in stores such as Costco, Giant, Publix, ShopRite, Sprouts, Trader Joe’s, Wakefern, Walmart, Whole Foods, amongst others.
“As processed snacks continue to dominate global diets, Fruitist is tackling one of today’s most pressing health challenges: making nutritious food as accessible and enjoyable as packaged snacks. In the US snacks account for 42 per cent of added sugar consumption among children and adolescents, according to research published by NCBI,” the company said.
Sales of Fruitist’s Jumbo blueberries are growing rapidly. This year, the company launched Fruitist Snack Cups – single-serve, grab-and-go packs of fresh blueberries. And it continues to scale up its blackberry, raspberry and cherry production.
“Consumers are rethinking what they reach for between meals,” said co-founder and CEO Steve Magami. “At Fruitist, we’re proving that fresh, flavourful, and nutritious snacks can scale globally, and that fruit, when done right, can truly compete with the snack aisle.
“Consumer demand continues to fuel our growth, and we’re thrilled to welcome JP Morgan Asset Management as a well-established partner to help us meet that growing demand.”
Fruitist has ramped up promotional activities through partnerships with star quarterback Caleb Williams, USC Athletics, and DC United, promoting healthier snacking to athletes, students, and communities.
“Our strategy has invested in Fruitist in recognition of the exceptional results they’ve achieved and the moat they’ve built around the business,” said Brad Demong, managing director of JP Morgan Asset Management.
“We believe that Fruitist, with control of its value chain, significant organic growth opportunity ahead, and positioning as a driving force of premiumisation of berries and the better-for-you category, will realise durable expansion.”
