According to an Instagram account, this juicer company scammed google and other investors to the tune of $120 million dollars. The company used to go by the name of Juicero.
Who owned Juicero and where it is now?
Juicero was a firm based in the United States that invented and manufactured the Juicero Press, a mechanical press advertised as a fruit and vegetable juicer.
The company was founded by Doug Evans. Juicero was unveiled on March 31, 2016, and in addition to its expensive price, it supplied little bags filled with chopped fruits and vegetables that, in the best style of an ink cartridge, were placed in the device and then pushed with a force “capable of lifting two Teslas,” according to Evans.
Juicero, situated in San Francisco, was founded by Doug Evans and has garnered more than $118 million in funding from renowned venture capital firms such as Google Ventures and Kleiner Perkins. Carmelo Anthony also made a contribution through his Melo7 Tech startup fund. The Campbell Soup Company even threw money at it.
Juicero shut down in September 2017 following a tumultuous year in which the firm lowered pricing, changed CEOs, and defended its machine against critics who labelled it superfluous or worse. Juicero’s demise meant the demise of Juicero’s juice packets, which means that anyone who purchases the $40 machine will be unable to manufacture juice with it.
What Caused Juicero’s Failure?
Juicero collapsed owing to an unappealing price model, an over-engineered product, negative coverage, and internal conflict. The startup entered the market with a $699 price tag and fairly high recurring subscription fees. It is also believed that the packets in which juice is used to come in, could also be squeezed with hands eliminating the need for the machine itself.
That is how a company dried 120 million off from investors including Google.
