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By Agroempresario.com
Agrovision, a prominent supplier of berries, has successfully raised $100 million in equity financing, led by Aliment Capital and supported by both new and existing investors, including Steve Kaplan, cofounder of Oaktree Capital Management. This substantial investment has pushed Agrovision's valuation beyond the $1 billion mark. This financing round comes on the heels of a period of rapid growth, with the company nearly tripling its sales in the past three years. The new funds will be used to expand global distribution and accelerate product innovation.
Founded in 2012 by Steve Magami, Agrovision initially focused on growing, distributing, and marketing blueberries from Peru. Since then, the Los Angeles-based company has expanded its operations to Mexico, Chile, India, Morocco, the USA, and China, supplying a variety of berries, including blueberries, raspberries, blackberries, and cherries, to major supermarkets and high-end retailers across the US, Asia, the Middle East, and Europe.
Agrovision has noted a significant boost in the popularity of berries, partially driven by users of GLP-1 drugs like Ozempic and Wegovy. The impact of these drugs has led to a 20% increase in fresh produce purchases by prescription users, indicating a shift in consumer behavior towards healthier eating habits. Ben Belldegrun, cofounder and managing partner of Aliment Capital, commented on this trend, noting that Agrovision is well-positioned to meet this growing demand due to its integrated approach, ensuring high-quality superfruits year-round.
Agrovision's success is underpinned by significant investments in technology and innovation. Over the past few years, the company has invested more than $400 million in global expansion, new genetics, artificial intelligence, and other technologies. A notable partnership with Seattle-based startup RipeLocker has enabled Agrovision to extend the shelf life of its berries using patented low-atmosphere vacuum chambers. Steve Magami expressed optimism about the commercial rollout of this technology, which has already shown promising results in doubling the shelf life of raspberries.
Artificial intelligence also plays a crucial role in Agrovision's operations, particularly in optimizing harvest predictions. The company is working on pioneering AI solutions that will enhance their production efficiency and is expected to announce developments in this area soon. Additionally, Agrovision focuses on genetics to improve the flavor and climate resilience of their berries, a critical aspect as traditional growing regions face challenges such as climate change and labor shortages.
Looking ahead, Agrovision plans to establish new growing regions in Egypt and Indonesia and expand its operations in markets such as China. Although Steve Magami did not confirm media reports of $300 million in revenues, he acknowledged that the company is scaling rapidly and expects substantial growth as new plantings reach full maturity. Magami emphasized that Agrovision's investors are committed to the long-term vision of building a generational company focused on making the world healthier, rather than seeking quick returns.
In the US, Agrovision markets its berries under the Fruitist brand, supplying major retailers like Costco, Giant, Publix, Sprouts, Trader Joe’s, Wakefern, Walmart, and Whole Foods. In China, the company markets its blueberries under the Big Skye brand.
Agrovision’s recent achievements and strategic plans highlight its commitment to innovation, quality, and sustainability, ensuring its position as a leading player in the global superfruit market.
