JPMorgan and Dalio Bet on Fruitist's "Moat" in $1B Health Snack Empire

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Billionaire Ray Dalio and JPMorgan Asset Management have injected $150 million into Fruitist, the Los Angeles-based "jumbo blueberry unicorn," valuing the health-focused snack brand at $1 billion. The investment, announced October 29, brings total equity funding to $443 million since the company's inception, according to a Yahoo Finance report. Fruitist, known for its oversized berries that can reach golf ball size, now operates in 12,500 retail locations across North America and 40 countries. The company's products, including single-serve "Snack Cups" of fresh blueberries, are sold at major retailers like Costco, Walmart, and Whole Foods.

The funding round also included participation from Chicago Bears quarterback Caleb Williams' firm, 888 Midas, and Aliment Capital. JPMorgan's Brad Demong highlighted Fruitist's "moat" in controlling its value chain and positioning as a leader in the "premiumization of berries" category. CEO Steve Magami emphasized the shift in consumer habits: "Fresh, nutritious snacks can scale globally and compete with the snack aisle," he said, noting that 42% of children's added sugar intake comes from processed snacks.

Fruitist's strategy extends beyond blueberries. The company is scaling production of blackberries, raspberries, and cherries while launching larger "Legend Super Jumbo" berries. Its Snack Cups, introduced this year, saw explosive growth in Europe, expanding from 30 stores in April to 750 by October. The brand also aims to enter 1,000 U.S. retail locations by year-end. The company's agricultural operations span eight countries, including Oregon, Mexico, and Chile, with plans to enhance automation and cold storage to meet surging demand, according to CNBC.

Fruitist's financials reflect rapid growth. Annual sales surpassed $400 million in 2024, with blueberry sales tripling since 2022. The firm's valuation now rivals that of Jennifer Garner's Once Upon a Farm, another disruptor in the healthy snack space preparing for an IPO.

The investment aligns with broader trends in the "better-for-you" category, which consulting firm Circana notes is growing despite a flat overall snacking market. Fruitist's board recently added tech and finance leaders, including Cloudflare's former CFO and Google Cloud's ex-AI chief, to support its expansion, according to Yahoo Finance.

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