Apeel is a biotech company that develops plant-derived solutions to help organic and conventional fresh food providers increase produce quality and reduce food waste.
Apeel is on a mission to create a more sustainable global food system by using the power of nature to enable longer-lasting produce that fights food waste from farm to kitchen.
Apeel was founded in 2012 by James Rogers. The company is headquartered in Goleta, California.
Apeel developed a plant-based layer for the surface of fruits and vegetables that is tasteless and odorless and that keeps moisture in while letting oxygen out. It is those two factors in particular that lead to grocery produce lasting twice as long.
Apeel installs its application at the supplier facilities where the produce is packed into boxes. It acquired ImpactVision to add another 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 has amassed a presence in eight countries, operating 30 supply networks and distributing produce to 40 retail partners, which then goes out to tens of thousands of stores around the world.
Apeel is backed by Andreessen Horowitz, Temasek, GIC, DBL Partners, Viking Global, Mirae Asset Global Investments, Upfront Ventures, IFC, S2G Ventures, The Bill & Melinda Gates Foundation, The Rockefeller Foundation and others. The company raised $250M in Series E round on Aug 18, 2021. This brings Apeel's total funding to $640.1M to date. The new round doubled the company's valuation to $2B, from the previous $1B gained from Series D in May 2020.