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Apeel has raised $250 million in Series E funding led by existing investor Temasek, the company announced on Wednesday. The latest investment, which included Katy Perry, Andreessen Horowitz and Mirae Asset Global Investments, brings the company’s total funding to more than $635 million and a valuation at over $2 billion.
Apeel will use the funding to increase the availability of produce using the company’s invisible, edible “skin” that extends shelf life. The money will also be used to create new supply networks, ramp up retailer partnerships and boost data and insights offerings, including evaluating potential acquisitions.
In recent years, food manufacturers have ramped up efforts to reduce food waste in their operations. In September, major companies, including Mondelez, Nestlé and PepsiCo, committed to cutting their waste in half by 2030.