Not sufficient demand, however, to keep the company in business, admitted the company, which is suspending the sale of its Juicero press and produce packs and seeking a buyer “with an existing national fresh food supply chain who can carry forward the Juicero mission."
While the mess-free countertop juicer brand had seen a five-fold increase in consumer adoption after dropping its price tag from $699 to $399 earlier this year, and was apparently working on a second iteration with an even “more attractive” price point, “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,” said the letter.
Speaking to FoodNavigator-USA in March, CEO Jeff Dunn acknowledged that the initial price tag of the wifi-enabled juicers – which allowed consumers to select a refrigerated pack of finely chopped fresh organic fruits and veggies and ‘cold-press’ an 8oz cup of juice with zero mess – was too high, but claimed that the new $399 ticket price had put it “in the game.”
The price tag per produce pack ($5-7 depending on the juice), would also come down “across the board” as the 'Keurig for juice' business built scale, predicted the company, which was widely mocked after reporters revealed that the packs could just as easily be squeezed by hand, without a $400 press.
According to Crunchbase, Juicero has raised $118.5m in four rounds from investors including Kleiner Perkins Caufield & Byers and Campbell Soup Company.
Reader Juicero's statement in full HERE.