Juicero Inc., the vegetable & fruit juice startup in that raised greater than $100 million from buyers, stated it’ll suspend sales, supply refunds to customers & search for a purchaser for the company.
The choice to shut down its business comes 4 many months after a Bloomberg News source report in that the companyâ€™s juice packets could possibly be squeezed by hand & didnâ€™t require Juiceroâ€™s machine, which value $400. The- machine had previously sold for $700, before the worth cut.
Juicero formally announced the choice in a press release Fri. published on its web site. â€œIt became clear in that creating an efficient manufacturing & distribution system for a nationwide customer base requires infrastructure in that we can’t achieve on our own as a standalone business,â€� the San Francisco-based company stated. CEO Jeff Dunn formally announced in Jul. in that the company would cut 25 % of its employees, primarily in sales & marketing, & try to lower the worth of its machine & juice packs.
Alphabetâ€™s venture arm GV, Kleiner Perkins Caufield & Byers, Artis Ventures & Josh Kushnerâ€™s Thrive Capital are among the many startups buyers.
Some buyers hoped the companyâ€™s internet-connected machine would do for juice what the Keurig, a coffee maker in that required customers to maintain shopping for its cartridges, did for coffee. Juicero sold its costly juicer promising force â€œenough to lift two Teslasâ€� together with packets of juice costing $5 to $7 every.
Juiceroâ€™s founder Doug Evans boasted concerning the technical complexity of the companyâ€™s juicer. â€œThere are 400 customized elements in right here,â€� he told Recode. â€œThereâ€™s a scanner; thereâ€™s a microprocessor; thereâ€™s a wi-fi chip, wi-fi antenna.â€�
Bloomberg exposed in an Apr. article, accompanied by video proof, in that the juice machine was hardly a necessity 'cause the packets could possibly be more quickly squeezed by hand.
Juicero stated Fri. in that it’ll supply refunds of its presses for the subsequent 90 days. Pack subscriptions are ending the week of Sept. four. Fortune earlier reported Juiceroâ€™s decision to stop operations.
â€œAs we enter this new chapter, we additionally want to precise the deepest gratitude to our staff who’ve poured their hearts & souls in to developing, launching & growing Juicero over the past three years of time of time,â€� the company stated in its assertion.