Seattle, WA – Growing sales combined with successful efficacy trials on several additional high-value commodities has excited the agricultural community and thrilled the company’s existing investors resulting 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 RipeLocker raised since inception to $21M. The funds will be used to implement technical upgrades to our system which is comprised of software, sensors, and chambers as well as build additional inventory for our commercial launches for customers and ongoing efficacy trials. The Company continues to add to its list of perishables, opportunities that create significant 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 substantial growth and traction through the summer, RipeLocker aims to initiate its first pitch to raise VC funding in the Fall.
The Technology Behind RipeLocker Containers
RipeLocker containers offer a unique, 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 RipeLocker container is the first solution that can be delivered cost-effectively in mass volume. RipeLocker has patents on both the container design and method of operation.
About RipeLocker
RipeLocker has patented a radical innovation designed to disrupt and change the existing postharvest technologies and processes of preserving the life and freshness of perishables. The company’s dynamic, low-atmosphere containers are used for storing and shipping fresh produce and flowers to extend their after-harvest life by weeks, often months. When RipeLocker containers are used, shippers and retailers reduce food loss and consumers benefit from a better taste and longer shelf-life. RipeLocker, founded in 2016 and based in Seattle, WA, US, is a science-based and data-driven company. It continues to conduct efficacy trials of its RipeLocker containers for a variety of different crops with the largest growers in the world. For more information, go to www.ripelocker.com
