Los Angeles-based Fruitist has secured $150 million in equity financing led by a vehicle managed by J.P. Morgan Asset Management, alongside new and existing investors. The company said the new funding will support its international retail expansion and production scale-up to meet growing demand for fresh fruit snacks.
Fruitist, formerly known as Agrovision, operates within the global snacking market, estimated at around $600 billion. Its products are now available in more than 12,500 retail locations across North America and in 40 countries worldwide, including outlets such as Costco, Publix, Sprouts, Trader Joe's, Walmart, and Whole Foods.
© Fruitist
The company said its focus remains on developing fresh alternatives to processed snacks. According to the National Center for Biotechnology Information (NCBI), snacks account for 42% of added sugar consumption among children and adolescents in the United States.
Fruitist produces and distributes a range of fresh berries, including blueberries, blackberries, raspberries, and cherries. The company recently introduced single-serve snack cups of fresh blueberries designed for retail and foodservice markets. "Consumers are rethinking what they reach for between meals," said Steve Magami, Co-Founder and CEO of Fruitist. "At Fruitist, we're proving that fresh, flavorful, and nutritious snacks can scale globally, and that fruit, when done right, can truly compete with the snack aisle."
Brad Demong, Managing Director at J.P. Morgan Asset Management, said the investment aligns with the firm's strategy to support companies with growth potential in the "better-for-you" category. "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, will realize durable expansion," he said.
The company has also been expanding its partnerships and operations beyond retail. Through collaborations with sports organizations such as USC Athletics and D.C. United, it aims to promote fruit consumption among athletes and students.
Fruitist continues to build its executive team following its transition from an agriculture-first business to a consumer-focused brand. Recent appointments include Rich Sullivan as Chief Financial Officer, Thomas Seifert and June Yang to the Board of Directors, and Jim Trahanas as Chief Technology Officer.
The company stated that the funding will also support the development of technology and supply chain systems to enhance efficiency across its production and distribution network.
© FruitistFor more information:
Natalie Bartels
Fruitist
Email: [email protected]
www.fruitist.com
© VSCReysita Llarena
VSC
Tel: +1 818 274 9344
Email: [email protected]
www.vsc.co
