Ripe Technology, Inc. best known as ripe.io has announced the completion of a $2.4 million series seed financing round led by Maersk Growth, the venture capital arm of Maersk, the global leader in container logistics and Relish Works.
Ripe.io is a leading provider of enterprise blockchain technology for the food and agriculture industry. The feat has attracted commendations from industry thought leaders.
Mack Tilling, President of Relish Works said ripe.io represents their strategy of innovating in the food sector to make dramatic and meaningful progress on food quality, supply efficiency, and improved transparency. “Blockchain is a game changer in the food business and we are delighted to be part of the investment.” Tilling added.
Peter Jorgensen, venture partner of Maersk Growth adds that there is enormous potential for the blockchain of food to transform supply chains, by increasing visibility among all partners, increasing collaboration and identifying efficiencies. This marks a strategic investment for Maersk Growth in their effort to increase efficiency and visibility among global supply chains.
A leader In Food Transparency
Since its founding in 2017, ripe.io has established itself as a leader in food transparency and the digitization of supply chains. ripe.io is working to radically improve transparency for food origin, quality, traceability, flavor, sustainability and safety through a technology platform allowing all actors participating in the food value chain, from growers to labs, to distributors, to retailers, contribute data and confidently map the journey of food.
At the core of their products and services is the “Blockchain of Food”, a food quality network enabled by “Food Bundles” that capture and share of the full lifecycle of a product from the seed to a consumer.
“As an early stage company, we couldn’t be more excited to have Peter and his team join us on this journey,”
says Raja Ramachandran, CEO and founder,
“having access to Maersk’s global reach, rich history and enthusiasm in our work have 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.”