ProducePay, a Los Angeles, CA-based provider of financial resources, tech tools and data insights to fresh produce farmers, secured $14m (£11m) in Series B funding.
The round 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.
The company intends to use the funds to scale its financing business and develop its software platform.
Founded in 2015 and led by Pablo Borquez Schwarzbeck, CEO, ProducePay provides farmers with financial resources, tech tools, and data insights. Its financial solutions give produce growers, distributors, shippers and marketers access to cash flow and tools to increase sales. The company 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.
ProducePay has provided liquidity to over 600 growers and distributors in the United States, Mexico, Canada, Honduras and Chile, financing over $850m of produce in under four years.