The startup Juicero, known for their high-tech cold press juicer, announced that they would be shutting down their operations on Friday. Juicero gained unwanted attention on the internet after customers and news organizations claimed that the packets of juice (costing from $5 to $7) could be squeezed by hand. The biggest hit to The Juicero was an article published by Bloomberg in April exposing the uselessness of the machine. The juicer became known as an expensive, over-the-top machine that lacked purpose. It consisted of over 400 custom parts, a scanner, a wireless chip, and a wireless antenna. Juice packs were sold as a subscription and investors initially hoped that this strategy would have as much success as coffee cups did for the Keurig.
The company had raised $100 million from investors and sold the internet-connected machine for $700 but later dropped the price to $400. Some of their inttial investors included Thrive Capital, Kleiner Perkins Caufield & Byers, and Artis Ventures. The CEO, Jeff Dunn, announced in July that they would cut 25 percent of their staff in the areas of marketing and sales to help lower the selling price of the Juicero and the juice packs. The San-Francisco based company noted on their website that they would be offering customers refunds for the next 90 days and that subscriptions to their juice packs would end on September 4th.
It might not be quite over yet for the Juicero if they can find a buyer for the company. However, with all the negative attention Juicero gained on the internet, finding a buyer may be a difficult task. The company expressed its gratitude and thanked its employees for all their hard work and commitment over the last three years. The juicero is a prime example that over complicating simple tasks isn’t a key to success.