World Economic Forum invites ProducePay to innovator group

Los Angeles-based ProducePay has joined the World Economic Forum's prestigious Innovator Communities as a Unicorn member.

This invite-only honor places ProducePay among the world's foremost startups with proven impact and a strong mission dedicated to driving positive change and shaping the global social economic and climate agenda, according to a news release. 

ProducePay's entrance into the Innovator Communities is a testament to its remarkable innovation and achievements in creating more predictability, stability and transparency in the fresh produce supply chain — while addressing the 60% of food and economic waste that is so prevalent in this category, the release said.

As a member of the Innovator Communities, ProducePay will join other scale-up companies at the forefront of technological and business model innovation where they will have the platform and networking opportunities to contribute groundbreaking solutions to address current regional, global and industry crises and build future resilience, according to the release.

"Joining the World Economic Forum's Innovator Communities is truly an honor and one that will help us propel our growth journey to the next level,” ProducePay CEO Patrick McCullough said in the release. “We are excited to collaborate with other leading businesses and industry pioneers in shaping a more sustainable future and — specifically within our domain — continue to transform the agricultural industry with a predictable commerce platform that unlocks economic value and eliminates waste.”

Earlier this year, ProducePay launched a first-of-its kind program for the fresh produce industry. In partnership with one of the largest growers and distributors of table grapes, Four Star Fruit, ProducePay says it is creating more stability and predictability throughout the fresh supply chain to enable stakeholders to better handle volatilities such as extreme weather events.

The transformative initiative enables a stable supply of high-quality and nutritious food to consumers while driving financial sustainability and fostering investments in sustainable agricultural practices, the release said. Starting with grapes, the new model paves the way for other fresh produce commodities to adopt this direct-to-retail procurement model, according to the release. 

“I started ProducePay with the goal of financially empowering growers and promoting trust within the industry,” ProducePay's founder and fourth-generation Mexican farmer Pablo Borquez Schwarzbeck said in the release. “Today, that vision has grown into a company with the capability to transform the entire system, ensuring the availability of safe, nutritious and sustainable food for future generations. This recognition by the World Economic Forum shines a light on our hard work and  innovations, and gives us a unique platform to further our impact.” 

Joining the World Economic Forum comes on the heels of ProducePay’s ranking in Fast Company’s 2023 World’s Most Innovative Companies, placing in the top half of 2023’s Inc. 5000 List, Forward Fooding’s FoodTech 500, and receiving World Finance magazine’s AgTech Sustainability Award, the release said.