Apeel Sciences raises $250m in Series E funding

Apeel Sciences has secured $250 million in Series E funding, as it looks to accelerate the availability of longer-lasting produce across the US, UK and Europe.

California-based Apeel aims to combat food waste and improve the resilience of fresh food supply chains by using its plant-derived solution to add a little extra “peel” to the surface of fruits and vegetables.

Apeel-protected produce reportedly lasts much longer, without the need for refrigeration, thanks to the company’s edible coating product.

Led by returning investor Temasek, the Series E round also received participation from new and existing investors, including Mirae Asset Global Investments, GIC, Viking Global Investors, Disruptive, Andreessen Horowitz and Tenere Capital.

Apeel – which is now valued at more than $2 billion – says that it will use the funds to create new supply networks, which apply its plant-based protection to produce and distribute the produce to retailers.

In addition, the company will use the funding to advance its data and insights offering, including potentially through acquisitions.

James Rogers, CEO of Apeel, said: “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.”