SEATTLE, WA - Industry innovation is in full swing! As RipeLocker continues to employ patented solutions to drive growth and ROI for fresh produce and floral suppliers, the company has pulled back the curtain on a small pre-Series A raise resulting in a $7.5 million boost.
“Our goal was a small Friends and Family Raise to buy us time to complete our much larger Series A financing in the fall,” said George Lobisser, Co-Founder and Chief Executive Officer. “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.”
The new funds will be utilized to implement technical upgrades to RipeLocker’s systems, in addition to adding inventory for the company’s commercial launches for customers and ongoing efficacy trials, according to a press release.
RipeLocker containers offer a unique system to manage the atmospheric pressure and gas composition within the containers to extend the life of fresh produce and flowers. With successful efficacy trials on several additional high-value commodities, RipeLocker continuously adds to its list of perishables, creating significant value for grower/packers by offering longer seasonal availability, better taste, and shelf-life, resulting in less food loss and waste.
This additional $7.5 million in funding brings RipeLocker’s total funding since inception to $21 million. In continuation of this growth, the innovator plans to initiate its first pitch to raise VC funding in the fall.
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