ISSUE – Oct. 27 | World Bank Group invests in a start-up tackling the $2.5 trillion food waste problem

Apeel, a food science start-up backed by Oprah and Katy Perry, is launching a new initiative to help the world’s smallest-scale farms waste less and get more of their crops to market. The company, which makes natural coatings that extend the shelf-life of supermarket staples like avocados and lemons, has raised $30 million in new funding from investors to help with the new effort as well as its expansion to more grocery stores around the world and introducing a wider variety of crop coatings.

Among those new investors is the International Finance Corporation (IFC), a sister organization of the World Bank and member of the World Bank Group, which is the largest global development institution focused exclusively on the private sector in developing countries. This year alone, IFC has invested $22 billion in private companies like Apeel, and their buy-in adds to a roster of heavy-hitting investors for the agritech company, including Andreessen Horowitz, the Bill & Melinda Gates Foundation and the Rockefeller Foundation. [ CNBC ]

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