18.August.2021 – Santa Barbara-based Apeel Science announced that it raised USD 250 Million in a Series E funding round. The valuation of the company surges to USD 2 Billion after this round.
This funding round was led by existing investor, Temasek and was participated by some new investors and existing ones like, Mirae Asset Global Investment, Viking Global Investors, GIC, Andreessen Horowitz, Sweetwater Private Equity, K3 Ventures, Michael Ovitz of Creative Artist Agency, Susan Wojcicki of YouTube, Katy Perry, Tao Capital Partners and Anne Wojcicki of 23and Me.
With this fundraise, Apeel has now raised over USD 635 in funds since its inception in 2012. In May 2020, the company raised USD 250 Million in a Series D funding round.
Apeel Sciences has built a layer for the surface of fruits and vegetables, based on plants that are odourless and tasteless and that keeps moisture which lets oxygen out.
“One in nine people are going hungry, and if three in nine pieces of produce are being thrown away, we can be better stewards of the food we are throwing away,” James Rogers, CEO, Appeal said. “This is a solvable problem, we just have to get the pieces to the right place at the right time.”
About Apeel Sciences –
Appeal Sciences was initiated by James Rogers. It acquired ImpactVision in early 2021 to add one more layer of quality by integrating imaging systems on individual pieces as they move through the supply chain to optimize routing so more produce that is grown is eaten.
Apeel Sciences has prevented more than 42 Million pieces of fruit from going to waste at retail locations, in 2019; it includes a 50% reduction in avocado food waste with regards to sales growth. Those fruit pieces helped to conserve approximately 4.7 Billion of water.
“Prior to the pandemic, the number of food people were eating was growing each year, but that trend is reversed,” Rogers explained. “Consumers are more aware of the food they eat, they are shopping less frequently, buying more per visit and more online. At the same time, grocery stores are trying to sort through all of that.”
“We can’t create these supply networks alone, we do it in concert with supply and retail partners,” he said. “Grocery stores are looking at the way shoppers want to buy things, while we look at how to partner to empower the supply chain. What started with longer-lasting fruits and vegetables, is becoming how we provide information to empower them to do it without adding to food waste.”
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