[1 August/Bloomberg]

Viking Global Investors led a $70 million fundraising round for Apeel Sciences. Apeel Sciences is a California startup that uses food waste and other plant material to delay the aging of fruit and vegetables. It has raised a total of USD110 million. Avocados treated by its solution stay ripe twice as long and have been in the market for about a month as a pilot test. Apeel’s CEO, James Rogers, said they weren’t making fruits and vegetables any better, but were just maintaining the quality. Harp Food Stores was one of the chains testing the products and had increased its avocado profits by over 50 percent. These results were being pitched to other grocers. Viking Global believed the investment would give them a foothold in the battle against food waste. Mr Rogers added on top of helping grocers sell more produce, it could be used abroad to expand access to fresh food.