Los Angeles – December 7, 2020 – ProducePay, an alternative financing, data and marketplace company serving the $300 billion fresh produce market, today announced its 2020 financing totals. With their harvest season now complete, ProducePay provided Mexican farmers with over $60 million in financing and empowered them to grow over $750 million worth of fresh produce exported to the United States.
Helping farmers in 12 countries across the US and Latin America grow over $2.5 billion of produce, ProducePay is on pace for 99 percent year-over-year revenue growth in 2020.
Mexico is the top produce trading partner with the United States. Over half of all imported produce comes from Mexico, and that number continues to grow: imported Mexican produce has doubled as a percentage of US consumption over the last 10 years. About $14 billion in fresh fruits and vegetables imported from Mexico annually, which amounts to 25% of total US produce consumption.
Since 2014, ProducePay has raised $250 million in funding to help produce growers navigate the opaque produce market by providing access to three tools growers have traditionally lacked: financing, pricing data and a network of trusted buyers and suppliers.
This year, ProducePay helped Mexican produce growers weather the COVID-19 pandemic by providing liquidity at key points in the harvest cycle. Among dozens of others, they’ve helped:
“Living and working on my family’s farm in northwestern Mexico, I experienced firsthand the rigidity of the harvest cycle and the liquidity problems that come with it,” said Pablo Borquez Schwarzbeck, Founder and CEO of ProducePay. “Now, we’re proud to have helped ease those cash flow problems for so many produce growers in Mexico and Latin America.”
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ProducePay’s mission is to help farmers feed the world in a sustainable way. We’re working to empower the people that grow, handle, and transport our food by providing them with financing, pricing data, and a trustworthy network of buyers and suppliers.
ProducePay’s solutions provide produce growers, distributors, shippers and marketers with new ways to access cash flow and increase sales. Our tools for online trading and insights allow produce buyers and sellers to find new business connections and access real-time pricing and market conditions.
Contact our team of experts to see how our solutions can best benefit you.