Juicero, a US-based startup developing a new method of making juice, has secured $20m from investors including food manufacturer Campbell’s Soup and is currently raising another $100m, Business Insider reported on Monday.
The company raised $4m in a 2013 series A round and a further $15.8m in April 2014, according to SEC filings. Business Insider stated that it has targeted $100m for its series C round, citing multiple undisclosed sources.
Campbell’s and venture capital firm Kleiner Perkins Caufield & Byers have been confirmed as backers, with rumours placing Campbell’s investment at $10m.
Additional investors in the latest round could include Google Ventures, the corporate venturing arm of internet company Google, Thrive Capital, and Vast Ventures.
Juicero’s product combines an ultra-efficient delivery system that sources fruit and vegetables from local farms with its own internally designed juicer to create what it claims is the freshest juice in the world.
The high figure it has targeted for its series C round reflects the expenses involved in establishing an agricultural segment of the business. Juicero itself is still operating in stealth and so has not commented on reports of its latest fundraising.