San Francisco food-tech startup Juicero, is said to have raised $70 million in a series B venture round led by Silicon Valley-based Artis Ventures, with the participation of GV (formerly Google Ventures), Campbell Soup Co. (NYSE:CPB), Kleiner Perkins Caufield & Byers, Thrive Capital, Abstract Ventures, Acre Venture Partners, Aspiration Growth, First Beverage Group, Mindfull Investors, Two Sigma Ventures and Vast Ventures.
Founded in 2013, the startup previously raised quietly approximately $20 million, bringing its total funding to about $90 million.
Juicero is on a mission to help people consume more fresh produce every day. The Juicero system represents years of hard work to bring cold-pressing technology (and nutrient-dense goodness) to people’s homes, making raw, organic juice at the touch of a button.
Juicero’s founder and CEO Doug Evans, a vegan entrepreneur and former CEO of Organic Avenue, built the initial Juicero Press in his kitchen in 2013. He believes good health enables the best life ever, and sought out to find a way to empower people to achieve both.
“Juice is the beginning. This is the future of food. Juicero will be leading the way on every front—food science, nutrition, technology, design, supply chain—as we build an ecosystem capable of getting organic produce from local fields into homes in ways that are both innovative and convenient” says Evans.
“There have been moments when I’ve felt, with palpable certainty, that time has slipped into the future: the advent of the Hoverboard, the invention of the Venmo payment, the first time my fingerprint unlocked an iPhone,” says Vogue’s Eviana Hartman. “Watching Doug Evans make me a glass of green juice last week with a Juicero—his new invention launching today in California, powered by an industrial-strength pressing mechanism and more than $100 million in Silicon Valley venture capital—was every bit as surreal.”
“Leave chopping, cleaning, and other juicing hassles behind, and drink fresh raw juice on demand,” says the company. “The Press and the app work together to provide unparalleled transparency. You’ll always know which nutrients you’re consuming and which farm grew each ingredient.”
“It was smooth. It was delicious. It was not messy. At all. In fact, much like a Nespresso or Keurig does for coffee, the Juicero eliminates the reason many people don’t like to make the beverage at home (and the reason why I used the juicer I received as a wedding gift exactly once before getting rid of it): When you’re done, you simply remove the packet and throw it away. (Or, once the company switches to plant-based pouches in a couple of months, compost it,” Hartman added. “Or use the pulp to make quiche, or an omelet, or some especially healthy bread.) Meanwhile, the Wi-Fi-enabled machine sends data to your profile in the smartphone app, which records your drinking habits and allows you to order the packets (which cost between $4 and $10 each, depending on flavor and quantity ordered) and track and adjust incoming deliveries.”
“Farm-to-table is on the verge of a massive breakthrough with the introduction of Juicero. The company promises to provide widespread access to healthy, organic food,” says Artis Ventures co-founder and senior partner Mike Harden. “In a hardware-focused world where companies race to force connectivity into any and all devices to become part of the Internet of Things (IoT), we believe Juicero’s thoughtfully integrated connectivity will entice users, food scientists, farmers, and financial analysts alike.”
With more than 140 patents pending and a promise of “farm to glass in 72 hours,” Juicero delivers the convenience of Nespresso and Keurig; the quality and taste of world-renowned chef Jean-Georges Vongerichten; and the connected integration of Nest to provide universal access to healthy, organic food.
“Since a small idea requires the same level of effort as a big idea, why dream small?” Harden asks.
The Press is a smart device that remains connected to the Internet for real-time updates. A suite of sensors scans Packs’ QR codes for optimized pressing profiles and guaranteed freshness. The Juicero app connects the Press and tells the complete story of the consumer’s juice—from farm to glass. It also sends the user notifications to drink up if the Packs are approaching their expiration date.
Juicero’s thoughtfully connected juice press, integrated with a QR code inventory tracking system, represents a new breed of devices whose connectivity and inventory tracking can revolutionize supply chains.
Clean lines and a compact size are the result of multiple iterations of miniaturization, transforming industrial strength into home-appliance size. Premium finishes make it the centerpiece of any kitchen. Aircraft-grade aluminum and precision-forged gearing components generate thousands of pounds of force to extract high nutrient and juice levels.
“We are not looking for another me-too idea in today’s “hot” sector, but for passionate founders with truly differentiated and disruptive ideas that can create those one of a kind companies,” says Artis Ventures co-founder and senior partner Stuart Peterson
For the first time, individual servings of a product will be tracked from the farm to the fridge to the point of consumption, which not only benefits consumers from a health and food safety perspective, but also holds the promise of supplying organic farmers with much-needed demand signals. Farmers can be informed about what to plant and even guarantee demand as they transition acreage to organic farmland, currently a revenue losing proposition that takes about three years to implement.
Juicero also represents the first time a food company has had the ability to communicate with consumers at the time of consumption, by offering consumers nutrition and health information about what they are drinking in real-time, even integrating it with quantified self and fitness apps.
Juicero’s massive total addressable market taps into fast growth areas including the $14 billion single-serving home appliance, $32 billion bottled juice, and $39 billion connected home markets, added Harden.
If it all sounds almost absurdly ambitious, it is: The device’s $699 price reflects the 12 PhDs, 50 engineers, and seven food scientists in San Francisco who worked to design the system, according to Vogue.
Artis Ventures is a San Francisco-based venture capital firm that has invested in companies and startups like Dash, Youtube, adBrite and Omicia. Artis passionately supports and partners with entrepreneurs who are driven to positively impact their world through disruptive technological innovation.