Fruitist raises $150 million in funding from J.P. Morgan and Ray Dalio to grow its healthy snacking startup

Fruitist, the healthy food snacking startup behind those jumbo-sized blueberries that have become a hit among health-conscious consumers, just landed a fresh $150 million in equity funding. The round was led by J.P. Morgan Asset Management, with billionaire Ray Dalio’s family office doubling down on its existing investment in the farming startup. The raise pushes Fruitist’s total equity funding to $443 million and cements its valuation above $1 billion.

The company’s rise has been as organic as the fruit it sells. Founded by CEO Steve Magami, Fruitist is scaling fast across an $800 billion global snacking market that’s seeing a clear shift toward premium, healthier options. The company’s products are now available in major U.S. retailers, including Costco, Publix, ShopRite, Trader Joe’s, Walmart, and Whole Foods.

Magami says the new funding will go into expanding production and infrastructure to meet overwhelming demand. “We are investing in growth in volume, more production capacity,” he said. “The dollars are going into growing volumes because demand is far greater than we can supply.”

“Consumers are rethinking what they reach for between meals,” Magami said in a news release. “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. Consumer demand continues to fuel our growth, and we’re thrilled to welcome J.P. Morgan Asset Management as a well-established partner to help us meet that growing demand.”

Ray Dalio Doubles Down as Fruitist Secures $150 Million to Scale Its Healthy Snacking Brand

The company is using its vertically integrated model to maintain control over its supply chain—from planting to packaging. Most of the new funding will support new crops, cold storage, and automation to keep quality consistent and distribution efficient. Investors like J.P. Morgan see this as a bet on the premiumization of produce. “We believe that Fruitist, with control of its value chain, significant organic growth opportunity ahead, and positioning as a driving force of premiumization of berries and the better-for-you category, will realize durable expansion,” said Brad Demong, managing director at J.P. Morgan Asset Management.

Fruitist’s growth isn’t limited to store shelves—it’s building a snacking category of its own. Its “Snack Cups” — single-serve packs of fresh blueberries — have quickly grown from 30 stores in Spain to more than 750 and are now headed to over 1,000, CNBC reported. The company plans to bring the product to the U.S. next, with most major retailers expected to stock it soon. Magami calls the growth “explosive,” and says their latest product, the even larger “Legend Super Jumbo” blueberries, continues to outperform expectations.

He sees Fruitist’s premium berries not as competitors to traditional brands like Driscoll’s but as an upgrade. “Over time, people will realize regular blueberries are more for the blender and cakes, and these are snacking berries to replace a meal,” he said.

Industry analysts say Fruitist is riding a powerful shift in consumer behavior. Sally Lyons Wyatt of Circana describes the “better for you” segment—covering fruits, vegetables, cheese, yogurt, and nuts—as the only bright spot in an otherwise flat snacking market. “What is keeping the core snacking category going is the ‘better for you’ products,” she said. “Berries are full of antioxidants and one of the healthiest fruits in this snacking story.”

The trend gained traction before COVID, but health awareness, influencer culture, and even the popularity of GLP-1 weight-loss drugs have pushed it into overdrive. Magami said Fruitist’s data shows GLP-1 users “are eating virtually less of everything except for fruits and vegetables” six months after starting treatment. “We think we are at the intersection of wellness culture and snacking on the go, and know that there is a willingness to pay for more reliable fruit,” he said. His ambition is clear: “to build the largest healthy snacking business in the world.”

While blueberries remain the company’s crown jewel, Fruitist has started branching into cherries, raspberries, and blackberries. The cherry operation is already underway in China, with plans to enter North America next year. Magami said these new lines are still small—just a single-digit share of revenue—but represent “the ground floor” of future growth.

The company’s next move may eventually include an IPO. Magami didn’t comment on timing but said they’re closely watching Jennifer Garner’s Once Upon a Farm, which recently filed to go public. Matthew Kennedy of Renaissance Capital says investors are drawn to growth stories like Fruitist’s but warns that the biggest risk comes when momentum slows. “Companies often go public when growth trends look most optimistic, so the biggest risk for investors is when that growth is unsustainable,” he said.

Still, Fruitist’s model stands out. Unlike many packaged food startups that rely on fads, its foundation is simple: fresh produce. Lyons Wyatt says the category continues to outperform traditional snacks, even if growth has slowed from its pandemic highs. “It will continue to gain strength and we see it being a big hit around the world because it delivers on all the aspects of what consumers are looking for,” she said.

At around $6 per clamshell, Fruitist’s berries aren’t cheap, but Magami says that’s part of the strategy. “We are not selling champagne strawberries for $19,” he said. “We are focused on building a durable business and growing the brand and have substantial runway ahead.”

For a company that started with blueberries and a belief that fruit could be more than just produce, the next phase is about scale. “We will realize well above average growth, which is rare in this sector,” Magami said. And judging by the investors lining up to back him, Fruitist’s bet on the future of healthy snacking may already be paying off.