California-based agricultural technology startup, Apeel Sciences has raised US$ 30M in a funding round held in October 2020, from the International Finance Corporation (IFC), Temasek, and Astanor Ventures.
Proceeds from the funding will be used by the startup to deliver its products to smallholder farmers in developing markets and connect them to new markets, together with the markets in the US and Germany.
Founded in 2012 by James Rogers, Apeel Sciences has developed a plant-derived technology for fresh foodstuffs that improves their shelf life and quality. Its edible coating product named Apeel (made from the skins, peels, and seeds of all fruits and vegetables) can make avocados, citrus and other types of fruit last twice as long as compared to the normal duration. The startup claims that by using its technology, farmers can sell more, and customers can eat more of what they buy.
According to Apeel, it is almost impossible for smallholder farmers to sell their harvest to marketplaces that will pay before they go bad. Even though smallholder farmers handling up to five hectares produce over 50% of the global fruit supply, agricultural workers comprise 65% of all the least-earning working adults. About the same, CEO James Rogers quoted, “It’s a misconception that people go hungry because we don’t grow enough food. The issue is the intermittency of supply and an inability to convert perishable assets into economic value.”
To help with this, the startup said it has collaborated with the IFC (International Finance Corporation) to introduce programs for small-scale farmers that intends to strengthen supply chains in sub-Saharan Africa, Mexico, Central and South America, and Southeast Asia. Presently, Apeel is available in the US, Germany, and other countries across Europe. The startup is backed by a number of investors like Andreessen Horowitz, Tech Coast Angels, Upfront Ventures, GIC, Bill & Melinda Gates Foundation, Viking Global Investors, DBL Partners among many more.
Apeel Sciences also features in VCBay’s Top 10 AgTech Startups in the USA article which can be read here.
About the International Finance Corporation
The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset management services to encourage private-sector development in underdeveloped countries. The IFC is an affiliate of the World Bank Group and is headquartered in Washington, D.C. in the United States.
It was founded in 1956, as the private-sector arm of the World Bank Group, to boost economic development by investing in for-profit and commercial projects for poverty alleviation. The IFC’s goal is to generate opportunities for people to escape poverty and accomplish a better quality of life by mobilizing financial resources for private businesses, promoting accessible and competitive markets, supporting businesses and other private-sector entities. It also seeks to create jobs and provide necessary services to those who are poverty-stricken or otherwise disadvantaged.
We try our best to fact check and bring the best, well-researched and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!
Next Story.
