Today Ripe Technology INC (better known as Ripe.io) announced the completion of a $2.4 million funding seed round, led by Maersk Growth.
Founded in 2017, Ripe.io is working to create what they call “The Blockchain of Food.” When Michael Wolf had Ripe.io’s co-founder and CEO Raja Ramachandran on the Smart Kitchen Show last year, he said:
If a farmer wants to say I harvest strawberries these two days, well, they can say that, but do they say that to everyone? … That’s the beauty of blockchain. It manages the decentralized nature of the food business, so people can post data, they can protect it, they can share it, they can create records with it… In the end for the consumer, they basically get a longer record.
That means that when people go to a restaurant or a grocery store, they can know exactly where their food comes from, whether or not it’s organic or GMO, and how fresh it is. Ripe.io hopes that blockchain technology can help digitize supply chains end-to-end and ensure maximum food transparency for the end consumer. Which, as Ramachandran explained on the podcast, is a $30-40 billion dollar market.
Other companies are also turning to blockchain to bolster their food businesses. Goodr is a startup which harnesses blockchain to reduce large-scale corporate food waste, and FoodLogiQ recently piloted a blockchain pilot to see how this emerging tech could increase supply chain transparency. But Ramachandran doesn’t see the blockchain of food as a zero sum game. “It’s not going to be one blockchain, it’s going to be many,” he said. “And we all have to connect.”
We’ve reached out to Ramachandran for comment on how his company plans to use their new funds, and will update this article if we hear back.
Ramachandran will be at the Smart Kitchen Summit in Seattle on October 8-9th, discussing blockchain and food with executives from Goodr and Walmart. Join us — use discount code THESPOON to get 25% off your tickets.