CA-based ProducePay secures $38million in series D round funding. The round was led by Syngenta Group Ventures, the venture capital arm of Syngenta Group, one of the world’s biggest agricultural technology companies that delivers science-driven innovations to help farmers all over the world ensure food security and address climate change.
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.
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On a mission to transform the global agricultural industry by eliminating economic and food waste, ProducePay’s Predictable Commerce Platform gives growers and buyers an unprecedented level of transparency and predictability in the increasingly volatile fresh produce supply chain.
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 in partnership with leaders and innovators across the global fresh produce industry.
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Patrick McCullough, chief executive officer of ProducePay said, “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, 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.”
The company’s latest partnership with Four Star Fruit, one of the world’s largest growers and shippers of table grapes, 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.
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David Pierson, Managing Director of Syngenta Group Ventures said: “ProducePay’s mission aligns closely with Syngenta’s commitment to innovation and to making agriculture more sustainable. By connecting growers from around the world with quality retailers and buyers, ProducePay is making it possible to reduce food and economic waste while giving farmers greater financial security, and we are excited by this opportunity to work closely for a stronger future in agriculture.”
About ProducePay
Founded by Pablo Borquez Schwarzbeck, a fourth-generation farmer, ProducePay is eliminating the economic and food waste caused by the volatile, opaque and fragmented nature of today’s global fresh produce supply chain. The AgTech company’s Predictable Commerce Platform is giving growers and buyers greater control of their business by providing unprecedented access to each other, capital, trading, insights and greater supply chain visibility.
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