Seattle, WA, August 15, 2022 – 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.
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