California-based food science start-up Apeel announced Wednesday that the company has raised $250 million, nearly doubling its valuation to more than $2 billion.
Apeel is known for its edible substance that, when applied to the outside of harvested fruits and vegetables, creates an invisible shield that can double their lifespan without refrigeration. Primary investors in the company's latest financing include Katy Perry, Andreessen Horowitz, Anne and Susan Wojcicki, ex-powerhouse agent Michael Ovitz, and Temasek, which led the round.Apeel, a California-based company tackling global food waste, said Wednesday it raised $250 million in a Series E funding round that values the company at more than $2 billion. That's nearly double its last reported valuation of $1.1 billion from April 2020, according to PitchBook data.
The company is known for its edible substance that, when applied to the outside of harvested produce, creates an invisible shield that can double its lifespan without refrigeration. The product has been tested on dozens of different types of fruit and vegetables but is commercially available for avocados, organic apples, citrus fruits , and most recently, English cucumbers.
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