- Apeel Sciences, a company that has developed an edible coating product, announced it raised $250 million funding at a reported valuation of over $1 billion
Apeel Sciences, a company that has developed an edible coating product that can make avocados, citrus, and other fruits last about twice as long, announced it has raised $250 million in funding at a $1 billion valuation.
GIC led the new round of funding with participation from Viking Global Investors, Upfront Ventures, Tao Capital Partners, and Rock Creek Group as well as Oprah Winfrey and Katy Perry. Including this round of funding, Apeel has raised over $360 million, according to Crunchbase.
Launched in 2012, Apeel Sciences is now on track to save 20 million pieces of fruit from being wasted at stores and homes.
“We are proud to team up with GIC to help create a better future with less waste. Food waste is an invisible tax imposed on everyone that participates in the food system. Eliminating global food waste can free up $2.6 trillion annually1, 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.”
– James Rogers, Founder and CEO of Apeel Sciences
“I hate to see food wasted, when there are so many people in the world who are going without. Apeel can extend the life of fresh produce, which is critical to our food supply and our planet too.”
– Oprah Winfrey