WISErg continues to reel in the dough.
The Redmond-based startup has raised another $700,000 from a group of angel investors. The funding is part of a Series B round that GeekWire reported on this past June.
WISErg CEO Larry LeSueur said his company plans on raising more money next month, which will oversubscribe its $7 million Series B round.
WISErg, one of our innovative “Seattle 10” startups, helps grocers recycle their old produce and unsold prepared foods with the “Harvester,” a machine that intercepts nutrients still existing in food waste and converts them into a liquid which can be sold to local agricultural farmers, along with other individual consumers. The machine also provides data reports to help grocers and restaurants better manage perishable inventory and ultimately save money.
There are seven “Harvesters” now in operation at PCC, Red Apple, Central Markets and Whole Foods stores in Washington state. WISErg, which employs 26, has contracts for another 20 Harvesters to be installed, with plans to expand nationwide in 2015.
LeSueur, a former Microsoft manager, told GeekWire in November that he anticipates the company tripling in size this year.
“Q1 will be our big explosion,” LeSueur said.
Here’s what the WISErg came up with after it was selected for the “Seattle 10” — each company re-produced their business ideas on massive cocktail napkins:
Here’s a quick overview of the Harvester: