Key Takeaways
- RipeLocker Series A to secure $10 million from current and new investors.
- The company is optimistic about revenue growth from roses, blueberries, walnuts, and fresh hops.
- The new funds will be used for hardware and software upgrades and scaling up inventory for global commercial launches.
- RipeLocker chambers utilize patented technology to extend the life of fresh produce, flowers, and nuts.
- The total investment in RipeLocker is now $30 million since its inception.
In a strategic move, RipeLocker’s Board and current investor group have decided to postpone their Series A fundraising round. Instead, they have secured an additional $10 million in investment, bringing the total funds raised to $30 million since the company’s inception. The decision comes as the company aims to demonstrate revenue growth over the last year before proceeding with a Series A raise.
Revenue Growth and Future Prospects
George Lobisser, RipeLocker Co-Founder and CEO expressed confidence in the company’s revenue growth for 2024. “Revenue growth this year comes from roses, blueberries, walnuts, and fresh hops. We continue to show efficacy on multiple new perishables and are optimistic about our ‘Green’ decay control solution set to launch by year’s end,” said Lobisser.
Utilization of New Funds
The additional $10 million will be allocated towards upgrading RipeLocker’s hardware and software design to enhance user experience. The funds will also be used to prepare for a scale-up of inventory, aiming for commercial launches to customers worldwide.
Innovative Technology Behind RipeLocker Chambers
RipeLocker chambers employ a patented system that manages atmospheric pressure and gas composition (oxygen and CO2) within the chambers. This technology extends the life of fresh produce, flowers, and nuts. The system is designed to adapt to the specific needs of each type of commodity, optimizing longevity and freshness. It also automatically adjusts to storage or shipping environment changes to predict and prevent damage and reduce decay.
Scalability and Patent Protection
RipeLocker has designed its pallet-sized chambers to deploy within the existing cold chain quickly. The chambers are produced using novel materials and scalable manufacturing processes, making them the first cost-effective, mass-volume solution for fresh produce preservation. The company holds patents on the chamber design and its method of operation.
Photo by Joanna Kosinska on Unsplash
