Food freshness innovation company Apeel Sciences has announced a Series E funding raise of $250 million. Backed by Oprah and Katy Perry amongst others, Apeel’s biotechnology adds an extra plant-derived peel to the outside of produce allowing it to double or even triple its shelf life.
“We can ensure people everywhere have a great experience with their fresh produce while increasing the sustainability of the global food system”
Focused on reducing waste in the fresh food supply by creating longer-lasting produce, primarily in US, UK, and European markets, Apeel is recognized as a CNBC Disruptor 50 and one of Fast Company’s Most Innovative Companies. The new funding brings the company’s total over $635 million, with a valuation over $2 billion dollars.
Founded in 2012 with a grant from the Bill & Melinda Gates Foundation, Apeel Sciences will use the new funding to expand retail and supply partnerships, as well as advance the company’s data and insights initiatives to further reduce food waste. The company plans to operationalize at least 10 additional supply networks by the end of the year.
Following the recent alarming IPCC report on climate change, reduction of waste in the food supply chain is a critical issue, with food waste accounting for roughly 8 percent of global greenhouse gases. Apeel’s plant-based products will also be consumer-directed, as its research shows approximately 25 percent of produce purchased goes to waste in US American households and 19 percent in European households.
“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,” stated James Rogers, CEO of Apeel.
“We’ll use our latest funding to help our supplier and retailer partners offer a differentiated experience to their shoppers: high-quality produce that’s less likely to go to waste at home. 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.”