Juicero, a US-based organic juice company backed by food producer Campbell’s Soup Company and diversified conglomerate Alphabet, wound up its operations on Friday.
Founded in 2013, Juicero developed a cold juicing system that squeezes sealed packs of raw organic ingredients in a juicing press. The device requires an internet connection to ensure ingredients are still within their best before date.
The company struggled to recover from reports by Bloomberg in April 2017 that the press, initially sold at $699 but later reduced to $400, was no more effective than a person squeezing the packs by hand. That fact was allegedly known to Juicero but not disclosed during pitches.
Juicero, which has already deleted its social media presence and will deliver its final sealed packs this week, said it will offer refunds to customers until December 1. The company is also seeking a potential acquirer that could carry the business forward.
Artis Ventures revealed it had led a $70m series B round in April 2016. Juicero did not confirm the other series B investors, though it stated at the time it had obtained more than $100m in total from backers such as Acre Venture Partners, the investment unit of Campbell’s Soup.
GV, the early-stage corporate venturing division of Alphabet, Kleiner Perkins Caufield & Byers, Thrive Capital, Two Sigma Ventures, DBL Partners and First Beverage Group were also among those investors.