Apeel has secured an additional $250 million in series E funding in a round led by returning investor Temasek, bringing the company’s total funding to over $635 million, with a valuation of over $2 billion.
This new investment will be used in part to accelerate Apeel's partnerships and plant-based products that aim to prevent food waste at every step of the fresh food supply chain.
Apeel will also use its new funding to co-create new supply networks with produce suppliers and retailers that will increase the availability of longer-lasting produce, including avocados, limes, mangoes, cucumbers, apples, and more, for consumers across the U.S., U.K., and Europe.
"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, CEO of Apeel, in a statement. "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. By using solutions by nature and for nature, and in collaboration with food supply chain partners around the world, we can ensure people everywhere have a great experience with their fresh produce while increasing the sustainability of the global food system."
Additionally, the company will use its funding to advance its data and insights offerings, including potential acquisitions, to complement Apeel's growing technology stack.
Related: Food, AgTech Investments Near $12 Billion in 2020; Apeel Raises $30 Million.
Image: Apeel