ProducePay Raises $38 Million to Improve Predictability and Transparency; Patrick McCullough Comments
LOS ANGELES, CA - A series D financing round recently closed for ProducePay. The industry partner announced that it has raised $38 million in the round, which was led by Syngenta Group Ventures—the venture capital arm of Syngenta Group. 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.
"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.”
ProducePay’s Predictable Commerce Platform gives growers and buyers an unprecedented level of transparency and predictability in the produce supply chain, a press release stated. 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. To date, the company has supported more than $4.5 billion in fresh produce transactions globally.
The company’s latest partnership with Four Star Fruit 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. ProducePay and its investors aim to replicate this success across more partners, more produce categories, and more regions around the world.
For more from the press release, click here.
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