Growing sales combined with successful efficacy trials on several additional high-value commodities has resulted in a small pre-Series A raise being over-subscribed.
“Our goal was a small Friends and Family Raise to buy us time to complete our much larger Series A financing in the fall. What’s exciting about this current raise is it includes funds from customers, grower/packers, agricultural industry executives and academics. These individuals have the background to truly understand the value created by the RipeLocker inside the perishable space,” said George Lobisser, co-founder and CEO.
This additional $7.5M raise brings the total the company raised since inception to $21M. The funds will be used to implement technical upgrades to its system which is comprised of software, sensors and chambers as well as build additional inventory for its commercial launches for customers and ongoing efficacy trials. The company continues to add to its list of perishables, opportunities that create economic value for the grower/packer community that ultimately benefits the consumer via longer seasonal availability, better taste and shelf life resulting in less food loss and waste.
With growth and traction through the summer, the company aims to initiate its first pitch to raise VC funding in the fall.
RipeLocker containers offer a patented system to manage the atmospheric pressure and gas composition (oxygen and CO2) within the containers to extend the life of fresh produce and flowers. Based on the specific needs of each type of fresh produce or flower, 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 containers so that they can easily be deployed and used in the existing cold chain. Produced using novel materials and highly scalable manufacturing processes, the container can be delivered cost-effectively in mass volume. The company has patents on both the container design and method of operation.