Apeel Science (IFC-44111)

  • Mexico
  • Peru
  • South Africa
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Agriculture and Forestry
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 1, 2020

Disclosed by Bank Jul 24, 2020

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

This proposed equity investment of up to US$15 million in Apeel Sciences (“Apeel” or “the company”) - (https://apeelsciences.com/) - is to support its commercial expansion of its proprietary products – edible coatings – used for extending quality and shelf life of fruits and vegetables (e.g. avocados, limes, apples) amongst the emerging market retailers and suppliers in Mexico, Peru and South Africa. This financing will complement an IFC advisory engagement to set-up pilots with retailers, expand its footprint of existing suppliers and draw in new suppliers.

Apeel Sciences’ plant-derived coating (lipid-based product) for fruits and vegetables is safe, made from naturally occurring products, and its application has proven in the market to give 1.5x or greater shelf-life extension, significantly reducing costs of shrink, spoilage and water usage, and increasing produce quality. Apeel’s coating has demonstrated its efficacy across 30+ fruits and vegetable categories. By focusing on the issue of perishability and reducing the rate of spoilage across the entire value chain, Apeel products provide numerous sustainability benefits, such as (i) reduction in food loss and waste; (ii) elimination or reduction in need for single-use plastic packaging; (iii) decreased reliance on cold chain infrastructure; (iv) logistic shifts to lower-emission transportation modes (e.g. air freight to sea freight); (v) creation of market linkages that increase the participation in the global supply chain; and, finally (vi) increased access to fresh fruits and vegetables. The ingredients in Apeel’s products are designated as FDA GRAS or “Generally Recognized As Safe” and have a substantial history of safe use. Additionally, the Codex Alimentarius’ General Standard for Food Additives (GSFA) has authorized the use of the ingredients in Apeel in over 25 food categories, including infant formulae as well as surface-treated fresh fruits and vegetables. Apeel offers products for both conventional and USDA organic certified organic producers and is allowed for us in a variety of markets including the United States, Canada, Mexico, Chile, Peru, Costa Rica, the European Union, South Africa, China, and Japan, among others.

Apeel’s products are manufactured in a powder form at its food-controlled facility located in Goleta, California (USA). This facility is located in a business park. The powder is packaged and shipped to a customer’s integration site (e.g. an agri-produce packing house owned by a grower, packer, importer or distributor) where the powder is mixed in solution with water and sprayed onto the produce before it is packed and distributed to retail stores. This process is typically in-line with the standard sorting and packing procedures of the produce packing houses. Aside from its HQ/food-controlled facility in California, Apeel has commercial offices in Europe (The Netherlands), Latin America (Mexico) and the USA.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - APEEL TECHNOLOGY, INC Investor -

Contact Information
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