Temasek and GIC invest in plant-based food preservative maker Apeel’s US$250M series E round

Heirloom peppers at a farmers' marketHeirloom peppers at a farmers' market

Plant-based food-preservative player Apeel has raised US$250 million in a series E round led by Singapore state-owned investment company Temasek Holdings, bringing the company’s valuation to more than US$2 billion.

Singapore’s sovereign wealth fund GIC also participated in the round, Apeel said in a press release Wednesday.

The round also included new and returning investors Mirae Asset Global Investments, Viking Global Investors, Disruptive, Andreessen Horowitz, Tenere Capital, Sweetwater Private Equity, Tao Capital Partners, K3 Ventures, David Barber of Almanac Insights, Michael Ovitz of Creative Artists Agency, Anne Wojcicki of 23andMe, Susan Wojcicki of YouTube, and Katy Perry.

“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,” James Rogers, CEO of Apeel, said, adding his company’s products also help increase the sustainability of the global food system.

Apeel, citing data showing food waste accounts for around 8 percent of global greenhouse gasses, said the new investment would partly be used to accelerate partnerships and products which help prevent food waste, including for consumers in the home.

The funding will co-create networks with produce suppliers and retailers to increase the availability of longer-lasting produce in the U.S., U.K. and Europe, with 10 additional supply networks target by year-end, Apeel said. Currently, the company said it has 30 supply networks applying its protection product, capture internal data and distribute Apeel-treated produce to 40 retail partners.

Apeel has raised a total of US$640.1 million in funding from 30 investors across nine rounds, according to Crunchbase data. Other investors have included the Bill & Melinda Gates Foundation.