ProducePay Raises $43M in Series C Equity Funding
May 25, 2021
ProducePay, a Los Angeles, CA-based financing, analytics, and marketplace startup focused on the global fresh produce market, raised $43m in Series C funding.
The round, which brought brings total equity and debt funding raised to date to over $300m, was led by G2VP, and co-led by IFC (International Finance Corp.) and IDB Invest (part of the Inter-American Development Bank Group). Other participants in the round included current investors Anterra Capital and Coventure and new investors Astanor Ventures, IGNIA, and Finistere.
The company will use the new capital to invest in technology development and infrastructure, grow its direct sales team, and further expand throughout Latin America.
Founded in 2014 by Pablo Borquez Schwarzbeck, CEO, ProducePay provides a product suite that includes grower financing, market pricing data and analytics, and a marketplace for growers, distributors, and suppliers. In details, it includes:
- financing at every stage of the harvest cycle, with flexible payment terms, access to funding in two weeks or less, and no obligation to pay until produce ships.
- Market Pricing Data and Analytics with more than 10,000 growers and distributors turning to its Insights and InsightsPro platforms for access to real-time produce pricing data and analytics.
- A Produce Grower, Distributor, and Supplier Marketplace with more than 700 vetted growers and distributors.
The company has financed $3 billion of produce across 12 countries in North and South America so far.