ProducePay makes ‘World’s Most Innovative Companies’ list, ranks 5th in agriculture
ProducePay has been named one of the “World’s Most Innovative Companies of 2023” by Fast Company.
The business media brand’s list highlights global businesses that are at the forefront of their industries, paving the way for future innovations, and setting the standard with some of the greatest accomplishments of the modern world, according to a news release. Along with the top 50 innovative companies, 540 organizations across 54 sectors and regions are also recognized.
ProducePay earned No. 5 in the “Agriculture” category, which was added this year to the World’s Most Innovative Companies list.
“The ag sector has been at the forefront of technology adoption on-farm and in logistics, so it’s an incredible honor to be recognized as one of Fast Company’s Most Innovative AgTech companies,” ProducePay CEO Pat Mccullough said in the release.
“We’re building on the sector’s innovative history, applying cutting-edge marketplace technology to drive greater efficiency across the entire supply chain,” he continued. “This will not only create more prosperity for farmers and produce buyers, but also increase trust and transparency within the industry, while bringing fresher and more sustainable produce to families around the world.”
The Los Angeles-based ProducePay provides growers with access to the market, financial solutions and trade protection.
One of the innovations that earned distinction from Fast Company has been the recent launch of ProducePay’s QuickPay+ program, a financing solution that empowers growers and disrupts the produce industry’s decades-old practice of “pick and pack” by allowing verified sellers on its marketplace to receive up to 96% of payment for shipments in 24 hours instead of standard arrangements of up to 60 days, according to the release.
ProducePay also earned standing on the innovative companies list for developing a first-of-its-kind carbon offset program, in partnership with sustainability solutions company Allcot, specifically for produce growers who previously have not had the tools to participate in the rapidly growing voluntary carbon market — which is estimated to reach $50 billion by 2030, according to the release.
ProducePay said in the release that the innovative companies honor comes after a year in which the company grew year over year by 85% and grew overall transactions on its marketplace by 279%. ProducePay also received a 2022 BIG Award for Business in the “Start-up of the Year '' category in December and was a finalist in Los Angeles Business Journal’s 2022 International Business Awards.
The World’s Most Innovative Companies is Fast Company’s signature franchise and one of its most highly anticipated editorial efforts of the year. It provides a firsthand look at inspiring and innovative efforts of companies across all sectors of the economy, according to the release.
Fast Company’s editors and writers sought out companies making the biggest strides and judged nominations received through an application process.
“What a strange and thrilling year it has been to honor this year’s Most Innovative Companies. This year’s list compiles some of the most cutting-edge groundbreakers who are changing our world every single day, from legacy organizations like McDonald’s to upstarts like MrBeast and institutions such as NASA. Everyone on this list does something completely, uniquely different, yet, they all have one thing in common: innovation,” Brendan Vaughan, Fast Company editor-in-chief, said in the release.
Fast Company will host its third annual Most Innovative Companies Summit April 19-20, celebrating the most innovative companies in business and providing an inside look at cutting-edge business trends and what it takes to innovate in 2023. Fast Company’s Most Innovative Companies issue (March/April 2023) is available online, as well as in-app form via iTunes and on newsstands beginning March 14.
