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APEEL SCIENCES

Netfigo Verdict
on Apeel Sciences

Apeel Sciences figured out how to make avocados last twice as long by coating them in an invisible, edible layer of plant-derived lipids — basically giving produce a second skin. It sounds like magic but it is chemistry, and it could save billions of dollars in food waste. The startup that proves the sexiest problems in food tech are not about what we eat but how long it lasts.

Founded

2012

HQ

Goleta, California

Total Raised

$635 Million

Founder

James Rogers

Status

Private

THE ORIGIN STORY

James Rogers was a PhD student in materials science at UC Santa Barbara studying ways to preserve steel using protective coatings. He had an insight: if you can coat steel to prevent oxidation, why not coat fruit?

He founded Apeel in 2012 with a grant from the Bill & Melinda Gates Foundation, which was looking for ways to reduce food waste in developing countries (where refrigeration is scarce). Rogers developed a plant-based coating that could be applied to produce to extend shelf life by 2-3x without refrigeration.

WHAT THEY ACTUALLY DO

Apeel makes an invisible, plant-derived coating that extends the shelf life of fresh produce by slowing down water loss and oxidation. The coating is made from food-grade lipids (fats) extracted from plant peels and seeds.

Grocery stores and produce suppliers apply Apeel to fruits and vegetables to reduce spoilage and waste. Revenue comes from selling the coating to produce suppliers and retailers (Walmart, Kroger, Costco, Whole Foods).

The product works on avocados, citrus, cucumbers, apples, and more.

THE PRODUCTS

Apeel plant-based coating (extends produce shelf life 2-3x), Applied to avocados, citrus, cucumbers, apples, Available at Walmart, Kroger, Costco, Whole Foods

HOW THEY GREW

Expand to more produce categories (citrus, berries, stone fruit, tropical fruit). Partner with more major retailers globally.

Push into developing markets where the food waste problem is most acute and Apeel's value proposition is strongest. Build brand awareness so consumers actively seek out Apeel-treated produce.

THE HARD PART

Scaling beyond avocados. Apeel's avocado coating is its best-known product, but extending the technology to every type of produce requires different formulations and partnerships with a fragmented global produce supply chain.

Consumer awareness is another challenge — most shoppers do not know Apeel exists or what it does. The "invisible coating on your food" concept can trigger consumer skepticism.

MONEY TRAIL

Seed

2013 · Led by

$2M raised

Series B

2018 · Led by

$33M raised

Series D

2021 · Led by

$250M raised

WHO BACKED THEM

Viking Global Investors, Andreessen Horowitz, Upfront Ventures, Bill Gates, Oprah Winfrey, Katy Perry

Head-to-Head

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