SANTA BARBARA, CALIF. - Apeel Sciences announced $250 million in new financing that will help the company continue its goals of tackling global food waste problems.
The company is on a mission to combat food waste by using its plant-derived solution to add a little extra “peel” to the surface of fruits and vegetables, doubling to tripling the shelf life of many produce types without the need for refrigeration.
In 2020 the company is on track to save 20 million pieces of fruit from being wasted at retail stores while extending shelf life in the home, where food waste is three times as high. A recent report by Project Drawtown identified that reduction of food waste is the number one solution to addressing climate change based on greenhouse gases emitted from food that decomposes in a landfill.
The new financing, with the largest contribution coming from GIC, will provide support for Apeel’s initiatives in Sub-Saharan African and Central and South American communities that are at greater risk for food security issues and food waste.
“We are proud to team up with GIC to help create a better future for less waste,” said James Rogers, founder and chief executive officer of Apeel. “Food waste is an invisible tax imposed on everyone that participates in the food system. 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.”
Additional investment partners in the company’s recent round of fundraising include Viking Global Investors, Upfront Ventures, Tao Capital Partners and Rock Creek Group. Celebrities Oprah Winfrey and Katy Perry have also joined the effort as minority investors to support the mission.