ProducePay, a U.S.-based financing, analytics, and marketplace startup for the fresh produce market, announced on Monday it raised $43 million through its Series C investment round, which was co-led by G2VP, IFC, and IDB with participation from Anterra Capital and Coventure, Astanor Ventures, IGNIA, and Finistere. The company reported that it has attracted more than $300 million in debt and equity funding
As previously reported, ProducePay describes itself as a new tech-based cash flow solution that provides both domestic and foreign fresh produce farms, who ship to the U.S., with immediate access to distribution and financing. The company stated that its solution provides the working capital fresh-produce farmers’ needs to complete their harvest and grow.
“By leveraging our international network, ProducePay connects clients with interested fresh produce buyers and distributors. Interested distributors receive connection to a growing list of international farmers who might otherwise feel limited by current financing options.”
While sharing more details about the company’s products, Pablo Borquez Schwarzbeck, Co-Founder and CEO at ProducePay, stated:
“The global fresh produce market is opaque, fragmented, and dominated by manual processes, and these obstacles make it difficult for growers and distributors to thrive. We remove these pain points to provide transparency, predictability, and fairness for both growers and distributors throughout the entire produce value chain, from seed to sale.”
ProducePay will use the new capital to invest in technology development and infrastructure, grow its direct sales team, and further expand throughout Latin America.