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Oakberry raises $67 million in Series C funding round

Açaí brand Oakberry has raised BRL 325 million ($67 million) in a Series C funding round, aiming to accelerate the company's global expansion strategy. The round was raised through funds managed by the Brazilian investment bank BTG Pactual (BPAC11), the largest investment bank in Latin America, which also includes a portfolio of impact funds. Founded in 2016, the company currently operates around 700 stores in over 40 countries. The Brazilian-founded açaí brand expects to surpass $200 million in revenue and expand its global presence to nearly 1,000 stores by the end of this year. The capital will be used to accelerate Oakberry's global expansion strategy, "most notably through rapid growth in the United States market," said the company. Georgios Frangulis, CEO and co-founder of Oakberry, said: "We designed Oakberry to be a global brand with a strong footprint in the United States, and the investment from BTG Pactual brings not only a financial partner, but also a strategic partner with a keen focus on reinforcing our expansion. The strategy to invest in corporate stores in high-demand markets, like the United States, represents an excellent opportunity for capital allocation while, at the same time, establishing our brand in these regions."

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