Ripe Technology, INC (ripe.io), a blockchain technology startup focusing on the food and ag supply chains, announced the successful raising of $2.4 million through a Seed Round led by Maersk Growth, the venture capital unit of Maersk, and including Relish Works.
Founded only last year by Raja Ramachandran and Phil Harris, ripe.io leverages blockchain technology to “create a digital bridge” that enhances transparency for food origin, quality, traceability, flavor, sustainability, and safety. Connecting farmers, distributors, labs, processors, and retailers, ripe.io’s core product offering is the “Blockchain of Food” that employs “Food Bundles” to capture and share information on the life of a food product from seed to shelf. By doing so, ripe.io is creating mutual trust from farm to fork; building a landscape where access to data grows sustainability, security, and integrity within the food chain.
“There is enormous potential for the blockchain of food to transform supply chains, by increasing visibility among all partners, increasing collaboration and identifying efficiencies,” said Peter Jorgensen, venture partner of Maersk Growth. “This marks a strategic investment for Maersk Growth in our effort to increase efficiency and visibility among global supply chains.”
The pace of advancement for blockchain in application to food supply has been swift. A technology that was up until very recently barely understood is now being funded through ever larger rounds as it becomes a more mainstream tool.
In early July, food safety technology startup FoodLogiQ announced the launch of a blockchain pilot in partnership with a select group of customers, which will begin in Q3 of this year. Partnering with AgBiome Innovations, Subway/Independent Purchasing Cooperative, and existing investors Testo and Tyson Foods, this initial pilot program will test the viability of blockchain to increase transparency within the food supply chain.
Over the course of this blockchain pilot, which will be overseen by FoodLogiQ’s innovation arm FoodLogiQ Labs, goals will include to determine “proof of concepts for blockchain within the food supply chain,” FoodLogiQ Chief Marketing Officer Katy Jones told The Spoon at the time.
Earlier this year, in April, Adelaide-based startup T-Provenance raised A$500,000 to help pilot its blockchain technology with Northern Australian mango producers.
In the pilot, T-Provenance will work with Queensland’s Growcom – which is the peak representative body for that area’s horticulture industry – and mango producer Manbulloo, which has six family-owned mango farms across Northern Australia and is the largest grower of Kensington Pride mangoes in the country. Sensors and smart chips will be used to monitor variables such temperature, humidity, and other parameters in order to ensure food safety, quality, traceability, and authenticity all along the supply chain from farm to retailer.
And in August of last year, Earth Twine, a collaborative technology company dedicated to bringing leading edge technologies to bear on traditional food supply chains, and Stratis, a developer and provider of end-to-end blockchain solution applications, partnered to launch The Earth Twine-Stratis Platform, the world’s first blockchain platform dedicated to the seafood industry.
Recognizing the nascent, but huge impact that blockchain could potentially have on global food systems, this investment by Maersk aligns with its mission to drive transformation.
“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 of Ripe.io. “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.”
-Lynda Kiernan