Apeel Sciences raises $70 million to further reduce food waste in fresh produce

In California, Apeel Sciences, closed $70 million in financing after crossing major commercialization milestones in June, when the company introduced Apeel avocados at Costco and Harps Food Stores in the U.S.

Every plant on earth has a peel or skin that protects it. Apeel adds a little extra peel to the surface of fresh produce that naturally reinforces the plant’s own peel and slows the rate of water loss and oxidation, the primary causes of spoilage. Produce with Apeel stays fresh two to three times longer, which promotes more sustainable growing practices, better quality food, and less food waste.

Since Apeel avocados were introduced at Harps Food Stores in May, Harps Food Stores has experienced a 65 percent increase in margin and a 10 percent lift in sales across the Hass avocado category — the first evidence of food waste reduction driving margin and profitability for fresh food suppliers and retailers.