ProducePay secures $38M Series D to develop produce supply chain waste platform

In the US, a shocking 30-40% of food ends up unused, contributing to landfills. Globally, according to a UN report, the scale is enormous with one-third of all food being wasted, totaling 1.3 billion tons and valued at nearly $1T annually.

• ProducePay's Platform: In Los Angeles, ProducePay is changing the fresh produce supply chain. They offer transparency and flexibility, empowering growers and buyers with better control, capital access, global trade networks, and deep insights.

• The Roots of Innovation: Founder Pablo Borquez Schwarzbeck, drawing on experience from his family's farms and insights gained in the fruit and vegetable industry, noticed the disruption caused by an unstable and fragmented supply chain. His solution? Reduce waste through a dual approach of monitoring and finance.

• Investor Confidence and Expansion: A recent $38M Series D funding round will fuel ProducePay’s global expansion and staff growth. Through pandemics and market shifts, the commitment to fresh produce remains unshaken, as evidenced by continued growth and consumer demand for healthy foods.

• Investor Line Up: The round was led by Syngenta Group Ventures, with participation from 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.

• Financial Lifelines: ProducePay offers capital for operational costs, tech, and property investments. They also provide financial support post-harvest, fostering robust cash flows for future cycles and enabling distributors to secure top-notch growers with timely, substantial payments.

• Remarkable Growth: Revenue soared by 76% last year alone, and the transaction volume could hit $2B by the end of 2023.

With customer trust as a cornerstone, ProducePay's reach extends over 60 commodities in 20 countries, with over $4.5B funded in harvests.