First Beverage CEO Bill Anderson told BevNet that the addition of new capital as well as new team members and investors would allow the firm to provide a broader range of insights from within and outside the beverage industry.
In a letter sent to employees on Friday and shared with BevNET, Juicero CEO Jeff Dunn explained that the staff reduction, which was mainly sales and marketing employees, would allow the company to shift towards “more focused investment on product development, manufacturing, shipping and improving our sourcing of organic produce.”
A list compiled by market research firm CB Insights of the 15 most well-funded venture capital-backed food and beverage startups reveals the increasing value placed on brands that are offering healthier choices and disrupting established categories like meat and dairy and innovating with plant-based offerings.
In this episode of the podcast, we discuss some of the big stories in the food and beverage business, including tough press for Juicero, operational issues for brands like Soylent and Reed’s, and the ways the largest, publicly-traded food and beverage companies are attempting to refresh their lineups through transactions -- and through change at the top.
The home juicer/foodtech startup, which famously raised $120 million in venture capital funding, seemed to be soaring for the stars. But as they say on the internet, life comes at you fast -- and the internet came at Juicero at the speed of life this week.
Speaking with BevNET, Juicero CEO Jeff Dunn said the decision was a partly the result of a successful Black Friday/Cyber Monday promotion; upon lowering the price to $399, the company doubled its user base in one day.
Following the departures of Nantucket Nectars co-founder Tom First and former Glaceau executive Jason Camillos last year, the firm’s fund, First Beverage Ventures, has brought on a pair of investment professionals and a seasoned industry operator to manage its investment portfolio.