Juicero, the overpriced juice squeezer is suspending operations. The company has reportedly raised more than $100 million from Silicon Valley ventu
Juicero, the overpriced juice squeezer is suspending operations.
The company has reportedly raised more than $100 million from Silicon Valley venture capitalists, as Forbes (forbes.com) wrote in a report.
“In order to fulfill our mission, we announced last month that we would shift our resources to focus on lowering the price of the Press and Produce Packs.”, as the compan said in a notice on their website.
“During this process, it became clear that creating an effective manufacturing and distribution system for a nationwide customer base requires infrastructure that we cannot achieve on our own as a standalone business. We are confident that to truly have the long-term impact we want to make, we need to focus on finding an acquirer with an existing national fresh food supply chain who can carry forward the Juicero mission.”, they added.
Juicero raised around $120 million from top venture capitalists for its vision of juicing. However, the company didn`t stick to its initial idea of creating a “Keurig for juice” or a machine pressing a packet and turning it into a juice, as the publication explained.
Instead of that they launched an expensive juicer priced at $700 that required wi-fi connection and subscription to its prorietary juice packets, according to Forbes.
“The founder of Organic Avenue, a now-bankrupt restaurant chain that sold stale wraps and overpriced juices, is launching a $699 Wi-Fi connected juicer that can’t actually juice produce you’ve brought home from the store. Instead, the company, called Juicero, wants you to buy its prepackaged, pre-chopped produce, have it delivered to your home, and then insert its proprietary produce-packs into the juicer to create juice. This is supposed to be more convenient.”, as The Verge opinionated at the time.
Six month after launch Juicero`s CEO Doug Evans left the company. His successor Jeff Dunn, a former Coca-Cola executive promised to make the company mainstream. The price of the huices dropped to $400 and the product started appearing in stores and offices.
However, 16 months after the launch, Juicero announced that it won`t be working anymore.
“In a short period of time, you’ve validated that there is national demand for easier access to fresh produce and hassle-free cold-press juicing — thank you again for coming on this journey with us.”, as the start-up concluded in their statement.