Los Angeles-based ProducePay has secured $14m in a Series B Funding round.
The funding 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, according to a new release.
ProducePay provides fresh produce farmers with financial resources, tech tools and data insights, according to the release.
The Series B funding will be used to finance the next growth phase of the business as it scales its financing business and develops its software platform, according to the release. The company reported significant growth in 2017, when the company financed $400 million of produce, up from $17 million in 2015. Founded in 2015, ProducePay has provided liquidity to over 600 growers and distributors in six countries, financing over $850 million of produce in under four years, according to the release.
ProducePay targets the lack of proper short-term access to financing and transparency within the farming industry supply chain, according to the release, and provides immediate access financing for farmers and distributors in the U.S. and several other countries for fresh produce sold in the U.S.
”We have spent the last three years reinventing how the produce industry accesses short-term cash needs and the transparency of their supply chain,” Pablo Borquez Schwarzbeck, CEO, of ProducePay, said in the release.