Apeel Sciences raises $250 million in new funding

Apeel Sciences, a Santa Barbara, Calif.-based developer of rot-reduction coatings for produce, raised $250 million in new funding led by GIC at a valuation north of $1 billion.

Why it matters: If you buy avocados at Kroger, or at the largest grocery chains in Germany or Denmark, you're getting one with an Apeel coating. It's also now being applied to other fruits like organic apples and limes, and soon to vegetables like asparagus and cucumbers.