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Apeel's mission is to combat food waste by using its plant-derived solution to add a little extra "peel" to the surface of fruits and vegetables, doubling to tripling the shelf life of many product types without the need for refrigeration
Fremont, CA: Edible coating firm Apeel Sciences raised USD 250 million in a new financing round led by GIC. Oprah Winfrey and others led the company's previous round of funding in 2019. The latest round of funding takes the company's valuation to over USD 1 billion. The new financing will enable the company to continue tackling the food waste problem on the global level. According to Apeel Sciences, this year, the company will save approximately 20 million pieces of fruit from going to waste at retail stores, while also extending shelf-life in the home where food waste rates are three times as high.
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"We are proud to team up with GIC to help create a better future with less waste," said James Rogers, founder, and CEO of Apeel Sciences. "Food waste is an invisible tax imposed on everyone that participates in the food system. Eliminating global food waste can free up USD 2.6 trillion annually, allowing us to make the food ecosystem better for growers, distributors, retailers, consumers, and our planet. Together, we're putting time back on the industry's side to help deal with the food waste crisis and the challenges it poses to food businesses."
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The latest round of funding was also participated by Viking Global Investors, Upfront Ventures, Tao Capital Partners, and Rock Creek Group. Santa Barbara locals Oprah Winfrey and Katy Perry have also joined the effort as a minority, non-participatory investors to support the company's mission in making sustainable food systems a reality for all. "I hate to see food wasted when there are so many people in the world who are going without," said Winfrey. "Apeel can extend the life of fresh produce, which is critical to our food supply and our planet too."
Apeel's mission is to combat food waste by using its plant-derived solution to add a little extra "peel" to the surface of fruits and vegetables, doubling to tripling the shelf life of many product types without the need for refrigeration. The company can dramatically reduce food waste throughout almost every step of the supply chain - from packer to retailer and ultimately to consumers at home - thereby increasing the efficiency of Earth's resources required to feed a global population.
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