FOOD & BEVERAGE | Staff Reporter, Singapore

GIC leads US-based Apeel Sciences $353.53m financing

This will enable the company to continue tackling the global food waste problem.

GIC led the most current capital raise in California-based Apeel Sciences' new $353.53m (US$250m) financing, according to a press release. This brings the Apeel’s valuation to over $1.41b (US$1b).

Additional participating investors in the company’s recent capital raise include Viking Global Investors, Upfront Ventures, Tao Capital Partners, and Rock Creek Group. Celebrities Oprah Winfrey and Katy Perry have also joined as minority, non-participatory investors.

The new financing will enable the company to continue tackling the food waste problem on the global level.

Apeel’s technology claims to extend value and increases operational flexibility for suppliers and retailers by using its plant-derived solution to add a little extra “peel” to the surface of fruits and vegetables, doubling to tripling the shelf life of many produce types without the need for refrigeration.

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