Food waste solution company Apeel Sciences raises $250 million

Apeel Sciences, a Santa Barbara, Calif.-based developer of rot-reduction coatings for fresh fruits and vegetables, raised $250 million in Series E funding led by Temasek at a valuation north of $2 billion.

Why it matters: We waste upwards of 40% of all produced food, both in the U.S. and globally, and the situation has been exacerbated by a pandemic that's created supply chain disruptions (e.g., border closures, labor disruptions) and grocery demand surges.

Other investors include Mirae Asset Global Investments, GIC, Viking Global Investors, Disruptive, Andreessen Horowitz, Tenere Capital, Sweetwater Private Equity, Tao Capital Partners, K3 Ventures, David Barber of Almanac Insights, Michael Ovitz, Anne Wojcicki, Susan Wojcicki and Katy Perry.

The bottom line: "Apeel installs its application at the supplier facilities where the produce is packed into boxes. In addition to that technology, the company acquired ImpactVision earlier this year to add another layer of quality by integrating imaging systems on individual pieces as they move through the supply chain to optimize routing," TechCrunch's Christine Hall writes.