Funding round
Apeel Sciences Growth
Reported as "Growth Equity"
Apeel Sciences, which works in edible produce preservation coating manufacturing in Goleta, raised $250M in a Growth round announced on 26 May 2020, led by GIC, at a $1.00B post-money valuation. 5 firms took part. It is Apeel Sciences' fifth venture round on record; the one before was a Growth in Aug 2018.
$250M
Amount raised
$1.00B
Post-money valuation
$750M pre-money
5
Investors
1 lead
55x
Step-up from the Series A
$18M in Jul 2015
25%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Apeel Sciences at $1.00B after the new money, 55.1 times the $18M of its Series A (Jul 2015). The $250M bought investors about 25% of the company. It came 21 months after Apeel Sciences' Growth. It is 39% of the $640M Apeel Sciences has raised in the venture rounds on record. Apeel Sciences raised again 5 months later: a Growth round of $30M in Oct 2020. Its next priced round, a Series E in Aug 2021, valued it at $2.00B.
Apeel Sciences' funding rounds
Apeel Sciences has 7 venture rounds on record. This one is highlighted.
- Seed 31 Dec 2013 $1.3M
- Series A 1 Jul 2015 $5.8M$18M post-money
- Series B 14 Dec 2016, led by Andreessen Horowitz and DBL Partners $33M
- Growth 1 Aug 2018, led by Viking Global $70M
- Growth this round 26 May 2020, led by GIC $250M$1.00B post-money
- Growth 27 Oct 2020 $30M
- Series E 18 Aug 2021, led by Temasek $250M$2.00B post-money
Investors
Who put money in
GIC led the round with 4 other firms.
Lead investor
- GIC backs 98 venture-backed companies new investor
Also in the round
- backs 54 venture-backed companies new investor
- backs 88 venture-backed companies new investor
- Tao Capital Partners new investor
- backs 5 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
10 Growth rounds in Food Production within a year either side disclosed an amount; the median was $68M, and this round was 3.7 times the median. The closest in time, other companies' Growth rounds in Food Production:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Food Production | 21 May 2020 | $56M | not disclosed | not named |
| Food Production | 23 Apr 2020 | $10M | not disclosed | Danone Manifesto Ventures |
| Food Production | 22 Sep 2020 | $70M | not disclosed | TPG and Swire Pacific Limited |
| LIVEKINDLY Collective Food Production | 14 Oct 2020 | $135M | not disclosed | Blue Horizon |
| Food Production | 1 Dec 2019 | undisclosed | not disclosed | not named |
| Food Production | 13 Nov 2020 | $59M | not disclosed | DeA Capital Alternative Funds |
| Food Production | 12 Nov 2019 | $20M | not disclosed | Enlightened Hospitality Investments and Prelude Growth Partners |
| Food Production | 12 Jan 2021 | $65M | not disclosed | General Atlantic |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Apeel Sciences raise in its Growth round?
Apeel Sciences raised $250M in its Growth round, announced in May 2020.
Who led Apeel Sciences' Growth round?
GIC led it, with Viking Global, Upfront Ventures, Tao Capital Partners and RockCreek.
What was Apeel Sciences' valuation at the Growth round?
$1.00B post-money ($750M pre-money).
How does it compare with other Growth rounds in Food Production?
10 Growth rounds in Food Production within a year either side disclosed an amount; the median was $68M, and this round was 3.7 times the median.
Did Apeel Sciences raise again after this round?
Yes: a Growth round in Oct 2020 of $30M.