SANTA BARBARA, CALIF. – Apeel Sciences is receiving an additional $250 million in Series E funding. The latest funding round brings total investment in the company to more than $635 million.
Apeel Sciences has developed a plant-based coating that when applied to fresh produce extends shelf life. Apeel’s product works by adding a layer to the surface of fresh produce that slows water loss and oxidation. The company has said, on average, US retailers that use Apeel have experienced a 50% reduction in shrink, a 5% to 10% growth in dollar sales, and an incremental 10% growth in dollar sales when sold in conjunction with in-store marketing campaigns.
“The pandemic has completely shaken up food retail: people are increasingly buying their fresh produce online, while simultaneously expecting the best in terms of quality and sustainability,” said James Rogers, chief executive officer of Apeel. “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.”
Specifically, the company said it will expand its supply chain in Europe, the United Kingdom and the United States. Apeel is currently operating in eight countries and has 30 supply networks that apply its coating and distribute product. The company plans to add 10 supply networks by the end of the year.
In May 2020, Apeel Sciences also received $250 million in financing. That money was used to grow the business in the United States and Europe.
The Series E funding was led by returning investor Temasek, which has its headquarters in Singapore. Other investors in the company include Mirae Asset Global Investments, GIC, Viking Global Investors, Disruptive Technology Solutions, Andreessen Horowitz, Tenere Capital, Sweetwater Private Equity, Tao Capital Partners, K3 Ventures, David Barber of Almanac Insights, Michael Ovitz of Creative Artists Agency, Anne Wojcicki of 23andMe, Susan Wojcicki of YouTube, and singer Katy Perry.