Our founding mission isn’t just to fight food waste; it’s a commitment to create a more abundant future for farmers and for those who have limited or zero access to fresh produce. Today, we’re announcing a new round of funding that will help us do just that. Our $30M investment from International Finance Corporation (IFC), Temasek, and Astanor Ventures will help establish more Apeel-powered supply chains that support these smallholder farmers in emerging markets by bringing in demand from importers of fresh produce, including the U.S. and Germany. This money also helps us expand the availability of Apeel produce in emerging markets, allowing more smallholder farmers to be part of the supply chain. With the power of plant-based protection, these smallholder farmers will have produce that lasts twice as long, which means they will be able to capture more value from their crops that far too often go to waste before they can reach a marketplace.
The harsh reality is that it is near impossible for smallholder farmers without a cold chain infrastructure to deliver fresh produce without perishability by the time it gets to market. Apeel drastically slows down spoilage without the need for refrigeration, so this produce can now survive long road trips between farm and grocer, making fresh produce more accessible while enabling farmers to sustain their families and communities. It’s a win-win-win across the system.
The benefit is real, and the numbers are already proving that we are well on our way to achieving our mission. This year alone, we’re on track to save 20 million pieces of fruit from going to waste at retail stores, while also extending shelf life in home kitchens where food waste rates are three times as high. And as COVID-19 has stretched the food system to its max, the elevated levels of food insecurity around the world have amplified the global need for such a sustainable solution.
We’re excited that this funding will help ensure that we’re able to better support the economies that are at greater risk of food security issues and food waste due to the changing global food landscape. We’ll be expanding our supplier base in Sub-Saharan Africa, Central and South America, and Southeast Asia by creating market links and bringing in new demands from exporters, as well as distribution of our produce in these regions.
There’s a lot to look forward to on the horizon. And we want to thank our investors for believing in our mission as much as we do.
To learn more about our partnership, visit our website blow.