“We have spent the last three years reinventing how the produce industry accesses short-term cash needs and the transparency of their supply chain,” said CEO Pablo Borquez Schwarzbeck in a statement, adding that with the new funding, “we are empowered to continue on the path to becoming the fintech leader of the produce industry.”

What ProducePay does is right in its name: The Los Angeles startup pays for produce.

Specifically, the company advances produce farmers financing on their crops — up to 10 percent before harvest begins, 50 percent at the pick-and-pack phase, and 80 percent when they ship.