US-based food system innovation player Apeel has raised $250 million in its Series E funding round led by return investor Temasek Holdings, according to a company statement. Singapore’s sovereign wealth fund GIC, which is also an existing investor, joined the latest round.
The company’s valuation has touched over $2 billion and its total funding to date exceeds $635 million.
Other new and existing investors include Mirae Asset Global Investments, Viking Global Investors, Disruptive, Andreessen Horowitz, Tenere Capital, Sweetwater Private Equity, Tao Capital Partners, K3 Ventures, David Barber of Almanac Insights, Michael Ovitz of Creative Artists Agency, Anne Wojcicki of 23andMe, Susan Wojcicki of YouTube, and Katy Perry.
The company will use the fresh funding to co-create new supply networks with produce suppliers and retailers that will increase the availability of longer-lasting produce for consumers across the US, UK and Europe.
Additionally, the company will use its funding to advance its data and insights offerings, including potential acquisitions, to complement Apeel’s growing technology stack.
Apeel’s plant-based protection allows for longer-lasting produce by using materials already found in the skins, peels, and seeds of all fruits and vegetables.
The company claims that it has teams and partners on the ground in eight countries operating 30 supply networks that apply Apeel’s plant-based protection to produce, capture internal and external data, and distribute Apeel-protected produce to 40 retail partners and tens of thousands of stores around the world.
Last year, Apeel landed $30 million in new funding from the World Bank’s International Finance Corporation, Singapore’s Temasek and Astanor Ventures.
Temasek has 60% underlying exposure to developed economies as of March 31. China continues to account for its biggest geographic exposure at 27%, followed by Singapore at 24%, and the Americas at 20%.
In July, Temasek led a $440-million funding round in US-based fintech firm iCapital Network, which is valued at $4 billion. Earlier, the investor backed US firm Forge Global’s latest $150-million funding round.