A Secret Startup In Silicon Valley Is Raising $120 Million To Make The Freshest Juice You've Ever Tasted
It raised $4 million in October 2013 and an additional $15.8 million in April 2014, according to documents reviewed by Business Insider.
It's raising another $100 million round right now, according to multiple sources with knowledge of the deal. Investors include Kleiner Perkins, which housed the early-stage startup, and Campbell's Soup. Google Ventures, Thrive Capital and Vast Ventures may also be involved.
The amounts being raised and the number of contributing investors, of course, are subject to change.
The company wouldn't tell us how it works, but based on conversations with people, here's what we're told.
Juicero, sources say, is creating the freshest juice in the world with a contraption that's sort of like a coffee Keurig. It will compete with the LivBlends juice machine. The fruit, hand-picked before you drink it, is shipped in a pouch. It's like freshly pressed juice, sources who have tried it say, only better.
Rumor has it the CEO of Campbell's tried the juice and ran back to cut a $10 million check. A Campbell's representative declined to comment on the funding.
The big idea that investors are buying into is that Juicero will change the way fruits and vegetables are delivered. The fruit you buy in stores isn't really fresh. It's picked a week or two before the store receives it, and before you ever take a bite. Based on those we talked to, we believe Juicero could own its own farms, and pick the fruit fresh before delivering it.
The company is raising so much money because it's not just creating a household product; it's creating a whole agricultural arm to the business, which hints that the company plans to grow and supply the fresh produce around the world. The company has attracted the attention of major names in tech, including Bill Gates, who is not an investor but is well aware of the company, says one source.
In 2013, a major stake in Organic Avenue, 70%, was sold to investment firm Weld North, and Evans joined the company's board of directors. Evans grew up in New York and has served in the army.
Evans declined to comment for this story. He noted that his startup is still under development but should be unveiled this year.