US-based fruit supplier Fruitist has looking to “fuel” its expansion plans with a fresh round of funding from backers including JP Morgan Asset Management.
The company, formerly known as Agrovision, has taken in $150m in equity financing.
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In a statement, Fruitist said the backing would help the company “meet soaring consumer demand for healthier, fresher alternatives to processed snacks”.
JP Morgan Asset Management managing director Brad Demong said: “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.”
“Consumers are rethinking what they reach for between meals,” Fruitist co-founder and CEO Steve Magami said. “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.”
In the US, the company’s products are sold at retailers including Walmart, Costco and Whole Foods Market.
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By GlobalDataThe business changed its name from Agrovision in April to align its corporate identity with its flagship consumer brand.
“Our strategy has invested in Fruitist in recognition of the exceptional results they’ve achieved and the moat they’ve built around the business,” Brad Demong, MD of JP Morgan Asset Management., said. “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.”
In March last year, the company, which was set up in 2012, secured investment from Los Angeles firm Aliment Capital. At the time, the company said the deal would provide “additional capital and expertise to help take Agrovision to its next level of growth”.
Headquartered in California, Fruitist has agricultural operations over the state border in Oregon, as well as in Mexico, Chile and Peru. Further afield, it has a presence in Morocco, Egypt, India and China.
