Juicero is shutting down, draining VCs of $120 million


Juicero, maker of a controversial Wi-Fi powered juice maker, said Friday it is shutting down.

The company, which had raised $120 million in funding from firms like Google Ventures and Kleiner Perkins, became enmeshed in controversy, after it was revealed that one could just squeeze its juice cartridge refills by hand and bypass the $400 machine. The company attempted to keep going by lowering the price of its juice maker, but said Friday the continuing operations was no longer feasible.

The company said it was suspending sales of both refills and the juice press, but said it would offer refunds for the machines for the next 90 days.