Fruitist, the premium healthy snacking company recognized for its exceptionally large blueberries, has secured $150 million in a fresh equity funding round. The investment was spearheaded by J.P. Morgan Asset Management, marking a significant entry for the financial giant into the burgeoning vertical farming space. Notably, Ray Dalio’s family office, a previous investor, has doubled down on its commitment to the disruptor.
The funding round values Fruitist at over $1 billion, underscoring investor confidence in the company’s growth trajectory within the $800 billion global snacking market. This market is currently experiencing a surge in demand for premium, health-conscious options.
To date, Fruitist has amassed a total of $443 million in equity funding. The company plans to strategically deploy the recent capital infusion to expand its retail footprint globally. Domestically, Fruitist blueberries are already available at major retailers including Costco, Giant, Publix, ShopRite, Sprouts, Trader Joe’s, Wakefern, Walmart, and Whole Foods. Further expansion will focus on the company’s recently launched single-serve “Fruitist Snack Cups,” following strong early adoption in the European market, and its new, even larger Legend Super Jumbo blueberries.
Earlier this year, Fruitist revealed to CNBC that its annual sales exceeded $400 million, and that blueberry sales had tripled year-over-year. While the company has not disclosed specific new revenue figures or a revised valuation following this funding round, the strategic investment signals continued robust growth expectations. Aliment Capital and Steve Kaplan, co-founder of Oaktree Capital Management, also participated in the latest funding round, reinforcing the company’s strong market position.
“Our investment is geared towards expanding volume and increasing production capacity,” stated Fruitist CEO and co-founder Steve Magami, referencing the company’s agricultural operations across eight countries. “Current demand significantly outstrips our supply, necessitating substantial investment in scaling our operations.”
A significant portion of the new capital will be allocated to new plantings and infrastructure investments, including advanced cold storage solutions and automation technologies. These improvements aim to enhance quality control and streamline distribution processes, crucial for maintaining product freshness and meeting growing consumer demand.
“We believe Fruitist’s integrated value chain, coupled with its substantial organic growth potential and its leadership in premiumizing the berry category and the broader ‘better-for-you’ sector, positions it for sustained expansion,” commented Brad Demong, managing director, J.P. Morgan Asset Management, in a press release announcing the investment.
The Fruitist Snack Cups have experienced rapid distribution growth since their initial launch in 30 stores in Spain in April, now reaching 750 stores and projecting expansion to 1,000 stores soon, including select US retailers.
Fruitist was recognized as No. 18 on the 2025 CNBC Disruptor 50 list.
“We estimate the entire snacking industry is between $600 and $800 million, with healthy snacking accounting for approximately one-eighth of that volume, with our products consistently performing at the high end of the spectrum,” Magami elaborated. He further noted that the company views traditional berry producers like Driscoll’s as operating more in the “commodity” space, differentiating Fruitist’s focus on premium snacking.
“Over time, consumers will recognize that regular blueberries are better suited for blending and baking, while ours are designed as a standalone snacking option capable of substituting for a meal,” he projected.
Fruitist founder and CEO Steve Magami
Fruitist
Sally Lyons Wyatt, chief advisor consumer goods & foodservice insights at Circana, highlighted the significant growth of the healthy snacking sector within a generally stable snacking market. “The strength of the overall snacking category is being driven by ‘better for you’ products,” she explained.
“Berries, rich in antioxidants, are among the healthiest fruits in this snacking trend,” Lyons Wyatt added.
While declining to comment on a specific IPO timeline, Magami confirmed that Fruitist is closely observing the planned public offering of Jennifer Garner’s Once Upon a Farm, which filed for an IPO recently. The success of Once Upon a Farm will provide important insights for Fruitist’s own strategic planning.
Matthew Kennedy, IPO market strategist at Renaissance Capital notes that for investors considering companies such as Fruitist and Once Upon a Farm, growth potential is paramount, even more so than the broader “healthy snacking” narrative. Kennedy acknowledged that the food sector has faced challenges this year, but emphasized that “it’s particularly noteworthy when a company can sustain premium pricing and gain market share amidst industry headwinds.”
“Companies often pursue IPOs when growth appears most promising. The primary risk for investors is that this growth may be unsustainable, driven by fleeting trends or a niche customer base that fails to translate into wider market appeal,” he added.
Circana has observed a consistent consumer preference for berries, with consistent outperformance compared to conventional packaged snacks. “Berries continue to gain traction worldwide, aligning with consumer desires,” Lyons Wyatt noted. “The primary barrier to wider adoption remains price.”
“Our clamshells are priced around $6,” Magami stated. “We are not selling luxury items. Our focus is on building a sustainable business and expanding the brand, with substantial growth opportunities ahead. We aim for above-average growth rates, distinguishing us in this category.”
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