ProducePay has raised $38 million in Series D financing. The round was led by Syngenta Group Ventures, the venture capital arm of Syngenta Group, an agricultural technology company that delivers science-driven innovations to help farmers worldwide ensure food security and address climate change. Additional participants in the round include new investor Commonfund and existing investors G2 Venture Partners, Anterra Capital, Astanor Ventures, Endeavor8, Avenue Venture Opportunities, Avenue Sustainable Solutions and Red Bear Angels. Due to oversubscribed demand, the series D round will remain open while additional investors complete diligence.
On a mission to eliminate economic and food waste, ProducePay’s Predictable Commerce Platform gives growers and buyers transparency and predictability in the increasingly volatile fresh produce supply chain. The company will use the latest capital to accelerate its global expansion to Europe, Asia, Africa and Australia; as well as advance the development of technology and services, including Predictable Commerce Programs in partnership with leaders and innovators across the fresh produce industry. To date, the company has supported more than $4.5 billion in fresh produce transactions globally.
The company will use the latest capital to accelerate its global expansion to Europe, Asia, Africa and Australia.
"Extreme weather events, supply shortages and price fluctuations are a few factors contributing to the increasing volatility of the fresh produce industry,” said Patrick McCullough, chief executive officer, ProducePay. "Our growth and global scalability attracted a group of investors who valued the company at a significant up-round from our last funding. We appreciate their support as we take ProducePay to the next level of helping growers, marketers and retailers manage these volatilities to avoid disruption of their business – while reducing the amount of economic and food waste that impacts every touch point across the supply chain.”
The company's latest partnership is with table grape shipper Four Star Fruit and has resulted in improved efficiency and waste reduction.
The company’s latest partnership with table grape shipper Four Star Fruit created a Predictable Commerce Program that has improved efficiency and waste reduction across Four Star’s transactions in the first six months. Since the start of the partnership in March of 2023, the program has enabled:
- 90 percent reduction in rejection rate to nearly 0 percent.
- 31 percent fewer days in transit for fresh produce.
- 50 percent fewer stops along the delivery pathway to retail.
- 41 percent fewer days in cold storage.
- A reduction of 356 tons of CO2e that would otherwise have been emitted from food waste.
“ProducePay’s mission aligns with our commitment to innovation and to making agriculture more sustainable,” said David Pierson, managing director, Syngenta Group Ventures. “By connecting growers from around the world with retailers and buyers, ProducePay makes it possible to reduce food and economic waste while giving farmers greater financial security.”
For more information:
Nadia Jamshidi
ProducePay
[email protected]
https://producepay.com/