ProducePay Raises $14M Series B Funding to Help Farmers Feed the World
LOS ANGELES, CA - Los Angeles-based ProducePay, a company which provides fresh produce farmers with financial resources, tech tools, and data insights, has secured $14 million in a Series B Funding round. The funding was led by Anterra Capital, with participation from Rabo Frontier Ventures (Rabobank strategic investment fund), Coventure, Social Leverage, FJ Labs, Greenhouse Capital, Moonshots Capital, and Tribeca Angels.
ProducePay has created the means of securitizing perishable produce as a financial asset through the use of technology. This alleviates financial pressure for growers and frees up cash flow for distributors. The company also provides immediate access financing for farmers and distributors in the United States, Mexico, Canada, Honduras, and Chile.
According to a press release, the Series B funding will be used to finance the next growth phase of ProducePay as it scales its financing business and develops its software platform. This funding follows significant growth in 2017, in which the company financed $400 million of produce—up from $17 million in 2015. Founded in 2015, ProducePay has provided liquidity to over 600 growers and distributors in six countries, financing over $850 million of produce in under four years.
In addition to cash flow solutions, ProducePay has recently launched multiple tools for online trading and data insights. These tools aim to streamline the produce sales process by allowing verified distributors and grower shippers to find new business partners, communicate digitally, and access real-time pricing and market conditions.
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