Oprah-backed biotech raises $250 million

In California, a company that boasts A-listers Oprah and Katy Perry among its investors has raised $250 million to advance its plant-based, shelf-life-extending produce coatings. 

Apeel Sciences recently closed the Series E round, which brought its total funding to over $635 million and values the company at over $2 billion. The company’s Invisipeel is a layer of molecules placed onto a plant pre-harvest that camouflages it from bacteria, fungi, and insects. Its Edipeel product works post-harvest to extend shelf-life by slowing water loss and oxidation. 

The company says it will use to funds to expand partnerships and supply, adding that COVID-19 has increased the need for food-preserving technologies. 

“The pandemic has completely shaken up food retail: people are increasingly buying their fresh produce online, while simultaneously expecting the best in terms of quality and sustainability,” says James Rogers, CEO of Apeel. “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. By using solutions by nature and for nature, and in collaboration with food supply chain partners around the world, we can ensure people everywhere have a great experience with their fresh produce while increasing the sustainability of the global food system.”