SANTA BARBARA, CA - Making a big splash with its recent $70 million financing of Apeel Sciences is Viking Global Investors with Andreessen Horowitz, Upfront Ventures, and S2G Ventures, among others. On top of the investments, former Co-CEO of Whole Foods Walter Robb will jump in on Apeel Science’s Board of Directors and advise the company as it moves forward to meet U.S. and international demands of fresh food suppliers and retailers.
“We were looking for partners who saw the long-term vision for Apeel fruits and vegetables in the U.S. and also abroad in countries that don’t necessarily have the cold chain infrastructure,” James Rogers, Founder and CEO, shared. “We’re honored to have Viking Global Investors and Walter Robb as new partners on our journey to help the fresh food supply chain gain efficiencies that will help put a stop to food waste and enable better quality food to come to market.”
The new funding for Apeel Sciences will go toward the company’s enhancements in response to supplier and retailer demands for programs across avocado, citrus, berry, stonefruit, and asparagus categories. Based out of a 105,000-square-foot facility in Santa Barbara, the company will expand its team, establish satellite facilities to service partners in U.S. growth regions, and continue to focus on developing new plant-based solutions with various applications across perishable categories.
“A great, next generation entrepreneur has come along using food itself to naturally extend the life of food, heralding a new era of possibility and promise,” Robb said. “James and the team at Apeel Sciences are amazing, and I am truly excited to be part of their efforts.”
This is the next major milestone for Apeel, announcing in June that it would introduce its avocados at Costco and Harps Food Stores in the U.S. After bringing its avocados to Harps in May, the retailer saw a 65 percentage-point spike in margin and a 10 percent lift in sales across the hass avocados category.
“As Apeel products continue to hit the shelves, the retail world is now beginning to experience what was clear from day one, which is that Apeel is a product with the potential to change the world,” Founder and Managing Partner of Upfront Ventures Yves Sisteron expressed in a press release, which also states that the company has invested in Apeel since 2014. “We’ve been continually impressed with the scientific innovation coming from James Rogers and the Apeel Sciences team, and we’re thrilled to continue supporting them on their mission.”
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