RipeLocker which sells containers to preserve flowers and food, has raised $7.5M to increase production

The story: RipeLocker has raised $7.5 million, giving the food tech startup with fresh capital to boost its production, modernize its equipment and carry out effectiveness tests. This Bainbridge Island Wash.-based firm sells industrial containers which preserve produce that has been harvested and flowers.

Father-son duo:The firm was created by George Lobisser, who was previously the co-owner and leader of Pace International, which was a company that made food-preserving technology, as well as Son Kyle Lobisser, an engineer for devices who was instrumental in the creation of the storage container, however he isn’t currently employed. RipeLocker currently employs 13 full-time employees.

This deviceThe patent-pending RipeLocker containers which are approximately the size of a pallet keep the shelf-life of flower or fruit inside the containers by regulating the pressure of the atmosphere and the gas mix. The system’s technology is able to monitor and respond to changes in the external environment , making adjustments to prevent decay.

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The clients:The startup announced in June that it had signed its first purchase contract in June with The Queen’s Flowers, a flower importer and grower in Colombia as well as Ecuador with distribution and wholesale warehouses throughout the U.S. The company stated that the RipeLocker containers increased the life of the roses by a further 2 to 4 weeks. It also collaborates together with Sorbatto Fresh, The Fruit Company as well as Oasis Farms, Inc. The company said it has 400 containers being constructed. It also stated that it had generated revenues, but didn’t say whether it was earning money.

The current state of food tech startup companies:RipeLocker’s funding comes at an era when the food technology industry has seen lower investments from venture capitalists. Such startups raised just $5.6 billion across 275 deals around the world in the second quarter of 2022, down 21.5% quarter-over-quarter, according to a report by PitchBook.

Despite the decline inflationary pressures, and continuing supply chain issues could create positives for companies that reduce delivery and service costs as the report stated. RipeLocker has a host of startups hoping to profit from this trend.

The investors:RipeLocker says the funding comes from a variety of angel investors. These include farmers, customers, and packers and agricultural industry executives and academics. RipeLocker has earned $21 million in the past and plans to raise the funds in a “much greater” Series A funding round later in the autumn. It has not disclosed its current estimation of its value.

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