ProducePay raises $14 million to help farmers
The company has also expanded to offer a software platform and data that provide growers pricing transparency and connections to suppliers and customers.
ProducePay has raised $14 million to scale its business and develop its software platform.
Anterra Capital led the Series B with participation from Rabo Frontier Ventures, Coventure, Social Leverage, FJ Labs, Greenhouse Capital, Moonshots Capital and Tribeca Angels.
ProducePay has raised nearly $95 million in all, per Crunchbase.
Founded in 2015, the company has provided liquidity to more than 600 growers and distributors in six countries, financing more than $850 million of produce in fewer than four years. Some $400 million of that financing came last year — up from $17 million in its first year of business.
“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.”
“ProducePay is disrupting the inefficient food supply chain by addressing the issue of access to finance, while supporting a highly underserved community of farmers,” added Anterra Managing Partner Adam Anders. “This investment is aligned with Anterra’s focus on backing innovative visionaries who are building the food systems of tomorrow through sustainable business models.”