Venture Capital: Apeel Sciences Raises $250M For Its Longer Lasting Produce
“Food gone good” – Avocados, limes, mangoes, cucumbers, and apples have longer shelf lives.
Apeel Sciences, which applies an edible, plant-based coating to fresh produce to extend its life, announced today its Series E raise of $250 million led by returning investor Temasek. A group of new and existing investors, including Mirae Asset Global Investments, GIC, Viking Global Investors, Disruptive, Andreessen Horowitz, Tenere Capital, Sweetwater Private Equity, Tao Capital Partners, K3 Ventures, David Barber of Almanac Insights, Michael Ovitz of Creative Artists Agency, Anne Wojcicki of 23andMe, Susan Wojcicki of YouTube and Katy Perry also participated in the round. (FoodBusinessNews)
The latest round brings Apeel’s total funding to over $635 million and its valuation to over $2 billion.
Apeel and sustainability
Apeel’s mission is to prevent the 25% of purchased produce that goes to waste in American households.
Further, food waste accounts for roughly 8 percent of global greenhouse gases, making it a priority in the battle against climate change.
“Since 2019, Apeel has prevented 42 million pieces of fruit from going to waste at retail, which has helped avoid 10,000 metric tons carbon dioxide equivalent of greenhouse gas emissions and conserve nearly 4.7 billion liters of water,” the company claimed in a statement.
Use of funds
Apeel intends to utilize the proceeds from the latest round to:
- accelerate Apeel’s partnerships and plant-based products that aim to prevent food waste
- co-create new supply networks with produce suppliers and retailers that will increase the availability of longer-lasting produce across the U.S., U.K., and Europe
- operationalize at least 10 additional “supply networks” by the end of the year. These networks apply Apeel’s plant-based protection to produce, capture internal and external data, and distribute Apeel-protected produce
- advance its data and insights offerings
- make potential acquisitions to complement Apeel’s technology stack
- integrate advanced imaging technology into its application systems
“The pandemic has completely shaken up food retail: people are increasingly buying their fresh produce online, while simultaneously expecting the best in terms of quality and sustainability,” said James Rogers, CEO of Apeel.
“By using solutions by nature and for nature, and in collaboration with food supply chain partners around the world, we can ensure people everywhere have a great experience with their fresh produce while increasing the sustainability of the global food system.”
Related Story: Apeel Sciences Scores $250M Funding to Combat Food Waste
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