Tuesday, May 26, 2020

Apeel Sciences Snags Massive $250M Funding

Goleta-based Apeel Sciences, a startup developing technology which coats fresh fruit and vegetables with what it calls an "extra peel" to help preserve fruit for longer, has raised a huge, $250M funding round, the company said on Tuesday. The funding was led by GIC. The funding--which values the company at over one billion dollars--adds the company to Southern California's list of "unicorn" companies. The company said that Viking Global Investors, Upfront Ventures, Tao Capital Partners and Rock Creek Group also participated, along with local Santa Barbara locals Oprah Winfrey and Katy Perry. Apeel says its technology uses a plant-derived solution to add an "extra peel" to the surface of fruits and vegetables, and doubles to triples the shelf life of many produce types without the need for refrigeration. More information »