Startup company Apeel Sciences has announced $250 million in new financing led by GIC. Additional participating investors in the company’s recent capital raise include Viking Global Investors, Upfront Ventures, Tao Capital Partners, and Rock Creek Group. This round brings the company’s valuation to more than $1 billion, with previous investments by Oprah Winfrey and others.

The new financing will enable the company to continue its mission of combating food waste 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.

While driving value for U.S. and European produce suppliers and retailers will remain a top priority, Apeel’s funding also ensures greater support of the company’s initiatives in economies in Sub-Saharan Africa and Central and South America that are at greater risk of food security issues and food waste.

“We are proud to team up with GIC to help create a better future with less waste,” said James Rogers, founder and CEO of Apeel Sciences, in a press release. “Food waste is an invisible tax imposed on everyone that participates in the food system. 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.”

To date, Apeel Sciences has achieved several commercialization milestones with food retailers in the United States and Europe. On average, U.S. retailers that use Apeel have experienced a 50% reduction in shrink, a 5%–10% growth in dollar sales, and an incremental 10% growth in dollar sales when sold in conjunction with in-store marketing campaigns.

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