Considering today’s startup climate, the RipeLocker Board and current investor group concluded it was best to postpone a Series A raise until revenue growth over last year could be demonstrated. Confident that 2024 revenue will exceed last year’s, the current investment group, along with some new investors, invested an additional $10 million.
“Revenue growth this year is coming from roses, blueberries, walnuts, and fresh hops. We continue to show efficacy on multiple new perishables and are confident actual revenue will continue to grow as a result. In addition, we are optimistic about our “Green” decay control solution that we are hoping to launch by year’s end,” said George Lobisser, RipeLocker Co-Founder and CEO.
This $10M in new funds brings the total to $30M raised since inception. The additional financing will be used to upgrade the design of hardware and software for an improved user experience and prepare a scale-up of inventory for commercial launches to customers worldwide.
The Technology Behind RipeLocker Chambers
RipeLocker chambers offer a unique, patented system to manage the atmospheric pressure and gas composition (oxygen and CO2) within the chambers to extend the life of fresh produce, flowers, and nuts. Based on the specific needs of each type of commodity, RipeLocker tailors operating parameters, such as internal pressure, oxygen, and CO2 levels, to optimize longevity and freshness. The system reports and responds to changes in the storage or shipping environment, making automatic precise adjustments to predict and prevent damage and reduce decay.
RipeLocker designed its pallet-sized chambers so that they can easily be deployed and used in the existing cold chain. Produced using novel materials and highly scalable manufacturing processes, the RipeLocker chamber is the first solution that can be delivered cost-effectively in mass volume. RipeLocker has patents on both the chamber design and method of operation.
For more information:
Selynn Vong
RipeLocker
Tel.: +1 (206) 855-5053
Email: [email protected]
www.ripelocker.com