Agrifood Tech | May 27, 2020

Food preservation tech company Apeel clinches $250 million

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, May 27 – Santa Barbara, Calif.-based Apeel has secured $250 million funding round to expand use of its edible protective coating for fresh food in the U.S. and Europe, as well as emerging markets.

“COVID-19 has shown how tightly wound and stretched our food system is, and food waste acts as an enormous tax on it,” Apeel founder James Rogers told Axios.

The company says it’s on track to prevent 20 million pieces of fruit from going to waste in grocery stores and other shops.

GIC led the round with participation from prior investors Viking Global Investors, Upfront Ventures, Tao Capital Partners and Rock Creek Group.

The company previously raised funding from former Whole Foods co-CEO Walter Robb, who sits on the board, and from celebrity investors Oprah Winfrey and Katy Perry.

Last week, surplus food distribution company Imperfect Foods raised $72 million.