Apeel has taken its total funding to $110m after raising $70m in a series C round led by Viking Global Investors.

Apeel Sciences, a US-based food technology developer that emerged out of University of California (UC) Santa Barbara, has raised $70m in a series C round led by hedge fund Viking Global Investors, Bloomberg reported on Monday. Andreesen Horowitz, Upfront Ventures, S2G Ventures and a range of unnamed backers reportedly also contributed to the round. Apeel is developing plant-based coatings that can be applied to produce in order to delay the aging of fruit and vegetables. The company hopes its technology will reduce food waste as shelf life is extended and enable fresh produce to be sold in markets with a limited cold supply chain. The series C funding follows the company’s launch of a coating to keep avocadoes fresh for twice as long. The coating mimics the fruit’s natural skin and helps maintain moisture while keeping oxygen out. The money will enable Apeel to expand its capacity as it targets a growing list of produce suppliers as clients. Walter Robb, former co-chief executive of food retailer Whole Foods, has joined the board of directors. The company is advancing research by James Rogers, who developed the approach when working towards his PhD at UC Santa Barbara. Rogers now serves as chief executive and science director of Apeel. Apeel previously raised $33m in series B funding co-led by Andreessen Horowitz’s Bio Fund and DBL Partners in 2016, with participation from Upfront Ventures, Seed2Growth, Powerplant Ventures and Tao Capital Partners. The company has not confirmed details about its series A round, though Bloomberg previously identified philanthropic organisation Bill and Melinda Gates Foundation as an early-stage investor.

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