A California-based start-up company is taking on the world’s food waste problem, and they’re now equipped with a $250 million round of new funding and a $1 billion valuation.
The company is called Apeel Sciences. They’ve developed technology that promises to keep food fresh for longer on store shelves, which helps prevent waste.
Apeel Sciences makes rot-reduction coatings for produce and sells it to grocery stores. The coatings are plant-derived and double or triple the shelf life of many fruits and vegetables, without needing refrigeration. By reducing the amount of food that gets wasted, grocery stores can save big money, which is definitely apeel-ing.
Today, 40% of food grown goes to waste. “Food waste is an invisible tax imposed on everyone that participates in the food system,” said James Rogers, founder, and CEO of Apeel Sciences. “Eliminating global food waste can free up $2.6 trillion annually, allowing us to make the food ecosystem better for growers, distributors, retailers, consumers, and our planet.”
Over the past eight years, Apeel Sciences has grown from a small startup launched with a $100,000 grant from the Gates Foundation to a massive, global company worth more than $1 billion and attracting celebrity investors like Oprah Winfrey and Katy Perry.
Not bad, huh?