According to a document filed with the SEC, aPEEL Technologies disclosed placing an additional $20,000 with one investor. The $1.25 million non-brokered equity offering originally initiated a first close of $960,000 with twenty investors. This is the first time the company is raising money under an exemption on the private placement market. The company recently received a $100,000 grant from the Bill & Melinda Gates Foundation.
The company developed and commercializes a technology for post harvest preservation. The company uses natural plant extracts that can be applied using a low cost spray coating procedure to create an ultra thin barrier to prevent fruits and vegetables’ water loss and oxidation (ediPEEL) or even disguise them so they are not recognizable by bacteria, fungi or pests (invisiPEEL). The technology enhances shelf life, reduces the amount of refrigeration required to keep the products fresh, and reduces spoilage. The ingredients for the product’s formulation come directly from wasted organic matter therefore making the technology very affordable and suitable for developing countries’ farmers.
James Rogers (Founder, President and CEO) leads the Santa Barbara CA based company which was registered in 2012. The executve team includes Jenny Du (Extraction Engineer) and Brian Stahl (Deposition Engineer).
The board of directors includes John Petote and Jason Spievak.
Status: Second close
Company: aPEEL Technologies
Amount offered: $1.25 million
Amount placed: $980,000
First Sale: 12/31/13