ProducePay Raises $38 Million to Improve Predictability and Transparency Across the Global Fresh Produce Supply Chain
Funding will be used to accelerate growth of the business and expand sustainability impact worldwide by reducing food waste and mismatching of supply and demand
LOS ANGELES, February 5, 2024 – ProducePay, the agtech company recognized as one of Fast Company’s Most Innovative Companies and the World Economic Forum’s newest Unicorn Innovators for its transformational work strengthening the fresh produce supply chain, today announced $38 million in Series D financing. The round was led by Syngenta Group Ventures, the venture capital arm of Syngenta Group, one of the world’s biggest agricultural technology companies that delivers science-driven innovations to help farmers all over the world ensure food security and address climate change. Additional participants in the round include new investor CF Private Equity, as well as existing investors G2 Venture Partners, Anterra Capital, Astanor Ventures, Endeavor8, Avenue Venture Opportunities, Avenue Sustainable Solutions, and Red Bear Angels. Due to oversubscribed demand, the series D round will remain open while additional investors complete diligence.
On a mission to transform the global agricultural industry by eliminating economic and food waste, ProducePay’s Predictable Commerce Platform gives growers and buyers an unprecedented level of transparency and predictability in the increasingly volatile fresh produce supply chain. ProducePay will use the latest capital to accelerate its global expansion to Europe, Asia, Africa and Australia; as well as advance the development of best-in-class technology and services, including comprehensive Predictable Commerce Programs in partnership with leaders and innovators across the global fresh produce industry. To date, the company has supported more than $4.5 billion in fresh produce transactions globally.
“Extreme weather events, supply shortages, and price fluctuations are just a few examples of factors contributing to the increasing volatility of the fresh produce industry,” said Patrick McCullough, chief executive officer of ProducePay. “Our exponential growth and global scalability attracted a best-in-class group of investors who valued the company at a significant up-round from our last funding. We appreciate their support as we take ProducePay to the next level of helping growers, marketers and retailers around the world expertly manage these volatilities to avoid disruption of their business – while reducing the massive amount of economic and food waste that impacts every touch point across the supply chain.”
The company’s latest partnership with Four Star Fruit, one of the world’s largest growers and shippers of table grapes, created a first-of-its-kind Predictable Commerce Program that has significantly improved efficiency and waste reduction across Four Star’s transactions in just the first six months. Since the start of the partnership in March of 2023, the program has enabled:
- 90% reduction in rejection rate to nearly 0%
- 31% fewer days in transit for fresh produce
- 50% fewer stops along the delivery pathway to retail
- 41% fewer days in cold storage
- A reduction of 356 tons of CO2e that would otherwise have been emitted from food waste.
ProducePay and its investors aim to replicate this success across more partners, more produce categories, and more regions around the world.
David Pierson, Managing Director of Syngenta Group Ventures said: “ProducePay’s mission aligns closely with Syngenta’s commitment to innovation and to making agriculture more sustainable. By connecting growers from around the world with quality retailers and buyers, ProducePay is making it possible to reduce food and economic waste while giving farmers greater financial security, and we are excited by this opportunity to work closely for a stronger future in agriculture.”
To learn more about ProducePay, please visit ProducePay.com.
Founded by Pablo Borquez Schwarzbeck, a fourth-generation farmer, ProducePay is eliminating the economic and food waste caused by the volatile, opaque and fragmented nature of today’s global fresh produce supply chain. The AgTech company’s Predictable Commerce Platform is giving growers and buyers greater control of their business by providing unprecedented access to each other, capital, trading, insights and greater supply chain visibility. Consumers receive fresher produce more efficiently, knowing it is grown and delivered in responsible ways. This transformational approach is unlocking economic value, and creating a more sustainable global fresh produce industry. To learn more about ProducePay, please visit ProducePay.com.
About Syngenta Group
Syngenta Group is one of the world’s biggest agricultural technology companies, with roots going back more than 250 years. With more than 59,000 employees, operating in more than 100 countries, the company strives to transform agriculture with science-driven, technological innovations to deliver high productivity and high-quality food while fighting climate change and restore nature. Syngenta Group is working with farmers to enable Regenerative Agriculture – an outcome-based food production system that nurtures and restores soil health, protects the climate and water resources and biodiversity, and enhances farms’ productivity and profitability. Syngenta Group, which is registered in Shanghai, China, and has its management headquarters in Switzerland, draws strength from its four business units: Syngenta Crop Protection, headquartered in Switzerland; Syngenta Seeds, headquartered in the United States; ADAMA®, headquartered in Israel; and Syngenta Group China. Together, these businesses provide industry-leading ways to serve customers around the world.