May 27, 2020

Apeel Sciences gets $250M in new investment

Apeel Sciences, a company with a new postharvest treatment for fruit and vegetables, this week announced $250 million in new investment.

Apeel markets itself as “on a mission to combat food waste,” according to the press release. Made from materials found in fruit, Apeel adds a little extra “peel” to the surface of fresh fruits and vegetables, to slow water loss and oxidation and increase shelf life, according to a press release from the company.

Some growers are trying the product as a means of maintaining freshness on their crops.

With previous investments, the company’s valuation is now over $1 billion, according to the release. The most recent investment round was led by GIC. Other funding rounds included media personality Oprah Winfrey and musician Katy Perry, who Apeel identified as “locals” in Santa Barbra, California, where the company is based. Winfrey and Perry are minority, non-participatory investors to support the company’s mission in making sustainable food systems a reality for all, according to the release.

“I hate to see food wasted, when there are so many people in the world who are going without,” Winfrey said. “Apeel can extend the life of fresh produce, which is critical to our food supply and our planet too.”

Apeel markets itself as dramatically reducing food waste throughout almost every step of the supply chain – from packer to retailer and ultimately to consumers.

“Food waste is an invisible tax imposed on everyone that participates in the food system,” said James Rogers, Founder and CEO of Apeel Sciences. “Eliminating global food waste can free up $2.6 trillion annually, allowing us to make the food ecosystem better for growers, distributors, retailers, consumers and our planet.”