In a small saucepan, heat the jam and 1/4 cup water over medium heat. Stir in the raspberries and remove from the heat.
Using a food processor, grind the granola into fine crumbs; transfer to a wide, shallow bowl. In a medium bowl, beat the eggs and milk. Add the bread and soak until saturated. In batches, transfer the bread to the granola crumbs, heavily coating each slice.
In a large, heavy skillet, melt 2-1/2 tablespoons butter over medium heat. Working in batches, add the granola-coated bread and cook, turning occasionally, until golden, about 6 minutes per side. Repeat with the remaining butter and bread slices. Serve warm with the raspberry sauce.