Apeel Sciences

Apeel Sciences produces edible coatings made of plant materials that extend the lifetime of fruits by 2-3x with the goal of preventing food wastages in regions where there is a lack of refrigeration. According to the company, US retailers that use Apeel experience a 50% reduction in waste alongside a 5%-10% growth in sales on average. As of July 2021, Apeel Sciences reported to have saved around 69 million pieces of produce from going to waste at retail stores by partnering with small family-owned farmers, local organic growers, grocery stores, and large food brands. As of August 2021, the company was offering its solution to a network of 30 suppliers and 40 retailers across eight countries, including the US, UK, Spain, Netherlands, and Kenya. The company focuses on expanding its market presence across North America and the EU.

The company’s early years were supported by a Bill and Melinda Gates Foundation grant of USD 100,000 in 2012 and Andreessen Horowitz, which led the company’s 2016 Series B funding round. Celebrities such as Oprah Winfrey and Katy Perry have also invested in Apeel.

In May 2020, Apeel announced plans to expand to Sub-Saharan Africa, Central, and South America—all regions where food wastage is increasing. In May 2021, Apeel Sciences acquired startup Impact Vision for an undisclosed amount. Impact vision’s technology allows suppliers to see inside their fresh produce and ultimately reduce post-harvest loss, optimize distribution, while continuing to extend shelf-life.

In August 2021, the company raised USD 250 million in a Series E funding round led by Temasek at USD 2 billion valuation. The company expects to use the funds to expand its product distribution across the US, UK, and Europe by accelerating deployment of its product across its existing supplier network and by partnering with 10 new suppliers by the end of 2021. The company also plans to use the funds to strengthen its data and insights offering and support its future acquisition plans.