ProducePay provides domestic and international fresh produce farmers with access to distribution and financing. Simply put, the company is a tech-based cash flow solutions provider. The company has around 800 customers in 12 countries across the US and Central and South America, and has thus far provided around USD 1.5 billion to fresh produce farmers.
The company provides financing to growers up to 12 months ahead of harvest. Once the corn grows, it is sent for sale to a distributor, who then pays ProducePay. ProducePay will keep a portion of the funds to cover financing and transfer the remaining money to the grower.
ProducePay also matches buyers and sellers, allowing participants to buy inputs at competitive prices via the ProducePay network as an added benefit for members. ProducePay also facilitates financial services for such transactions.
In March 2024, ProducePay has announced a new Visibility solution to provide fresh produce marketers and retailers full transparency of produce shipments from the field all the way to their final destination.
Key customers and partnerships
In July 2023, The company has partnered with Four Star Fruit, a producer of conventional and organic table grapes, to launch a direct-to-retail fresh produce supply chain program.
Funding and financials
In February 2024, ProducePay has raised USD 38 million in Series D funding led by Syngenta Group Ventures, with participation from new investor CF Private Equity and few existing investors to use the funds to accelerate its global expansion into Europe, Asia, Africa and Australia, as well as to further develop its technology and services.
In 2019, the company raised USD 205 million via debt financing and in 2020 reported that its revenue had doubled year-over-year.
By using this site, you agree to allow SPEEDA Edge and our partners to use cookies for analytics and personalization. Visit our privacy policy for more information about our data collection practices.