Agrovision, a leading berry supplier known for its vertically integrated approach to superfruits, has successfully secured $100 million in equity financing. This funding round was spearheaded by Aliment Capital and included contributions from both new and existing investors, such as Oaktree Capital Management cofounder Steve Kaplan. With this investment, Agrovision’s valuation has surged past the $1 billion mark, underscoring the company’s rapid ascent in the agricultural sector.
The financing comes after a period of remarkable growth for Agrovision, which has seen its sales nearly triple over the past three years. The fresh capital will be pivotal in expanding the company’s global distribution network and accelerating product innovation. “Delivering more flavorful superfruit year-round requires full stack innovation, optimizing across every layer of technology from genetics and systems to AI,” said Steve Magami, cofounder and CEO of Agrovision. Since its inception in 2012, Agrovision has broadened its operations from a focus on blueberries in Peru to include growing regions in Mexico, Chile, India, Morocco, the USA, and China. The company now supplies a variety of berries—blueberries, raspberries, blackberries, and cherries—to prominent supermarkets, club stores, and upscale independent retailers across the US, Asia, the Middle East, and Europe.
The surge in berry consumption is partly attributed to the increasing popularity of GLP-1 drugs like Ozempic and Wegovy, which have influenced consumer behavior. According to Agrovision, there has been a notable 20% increase in fresh produce purchases among prescription users of these medications. Ben Belldegrun, cofounder and managing partner of Aliment Capital, remarked, “We’ve observed a shift in how people are investing in their health and spending at the store. Agrovision is truly the ‘right place, right time’ with its unique model of owning the full stack, enabling it to guarantee its customers high-quality superfruit throughout the year regardless of their geographic location.”
Agrovision’s flagship brand, Fruitist, is synonymous with consistent quality, which Magami emphasizes as crucial for consumer satisfaction. “We don’t want consumers to be playing Russian roulette with their berries. We want consumers to have a good product, a good experience every time they purchase,” he stated.
The company has invested over $400 million in recent years to enhance its global footprint, innovate in genetics, and leverage artificial intelligence. A recent collaboration with Seattle-based startup RipeLocker aims to utilize patented low-atmosphere vacuum chambers, which can significantly extend the shelf life of berries. Magami expressed optimism about rolling out this technology commercially by next year. In addition, Agrovision is focusing on developing berry varieties that are not only flavorful but also resilient to climate change, a pressing concern in agriculture today.
As the company looks ahead, it plans to establish new growing regions in Egypt and Indonesia while further expanding its operations in China. Although Magami did not confirm earlier media reports suggesting revenues of $300 million, he indicated that the figure is “not far off” and emphasized the company’s rapid scaling. “When we make an investment in production, it usually takes about five years to reach full maturity depending on the location. And we’re going to see volumes increase as those plantings mature over the next few years, so we have visibility into just enormous growth to come,” he added.
With a long-term vision in mind, Magami noted that Agrovision’s investors are aligned with the mission of building a generational company focused on improving global health. This strategic alignment positions Agrovision to not only capitalize on its current momentum but also to drive significant advancements in the berry market in the years to come.