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Startup working for more transparent food supply chain raises $2.4 million in seed funding

  PHOTO: SHUTTERSTOCK

PHOTO: SHUTTERSTOCK

Ripe Technology, which operates largely under the name ripe.io, just completed a $2.4 million seed round led by Maersk Growth and Relish Works.

Ripe.io provides enterprise blockchain technology for the food and agriculture industry in an effort to create greater trust and transparency between food producers, contributors and consumers.

The company has been working to improve transparency for food since its 2017 inception. This is achieved through a technology platform that allows everyone involved in the supply chain, from growers to distributors, to contribute data and track the food’s journey. Ripe.io describes its services as the “Blockchain of Food,” a food quality network that captures the full lifestyle of the product, from seed to consumer, according to a press release from ripe.io.

“Food supply chain decisions can very clearly be improved through increased focus on data, visibility and transparency, so connecting the value chain in a much more effective way than it is today and make data driven decisions,” Maersk Growth Venture Partner Peter Jorgensen said. “This will require that we go back to the start of the supply chain and capture the data with a method of high integrity and reliability, which at the same time delivers authenticity and provenance, whether to validate products being organic, to trace them back in case of call-backs or to give consumers transparency on what is in our food and what has happened to it through the chain.”

Growth is Maersk’s venture capital arm. It is part of the company’s mission to drive innovation and transformation in the transport and logistics industry by connecting promising startups with operational expertise and world-class infrastructure, according to a ripe.io press release.

The other major participant in ripe.io’s seed round, Relish Works, is an innovation hub focused on the food industry. The press release says its purpose is to “generate innovative solutions to the most pressing customer problems and unmet needs by creating partnerships, designing new solutions and making strategic investments.”

“Ripe.io represents our strategy of innovating in the food sector to make dramatic and meaningful progress on food quality, supply efficiency and improved transparency,” Mack Tilling, president of Relish Works, said. “Blockchain is a game changer in the food business and we are delighted to be part of the investment.”

Leaders at ripe.io expressed their gratitude for the various strengths both Maersk and Relish Works bring to the table.

“As an early stage company, we couldn’t be more excited to have Peter and his team join us on this journey,” ripe.io CEO and Founder Raja Ramachandran said. “Having access to Maersk’s global reach, rich history and enthusiasm in our work has been truly humbling. Combined with Mack’s deep food supply chain expertise and creative problem solving we couldn’t have wished for better investors and partners.”

To learn more about ripe.io and its mission to bring transparency to the supply chain, click here.