A new round of funding is poised to help ProducePay grow like so many crops.
The LA-based fintech startup said Thursday that it has collected a cool $14 million in Series B funding aimed at fueling the next growth phase of the company’s software platform. With the funds, ProducePay hopes to double the size of its team, with an emphasis on tech and sales hires, according to CEO Pablo Borquez Schwarzbeck.
“When you look at the current landscape, we are not aware of any direct competitors offering both technology and finance solutions, specifically to address the needs of produce growers and distributors,” Schwarzbeck said in an email to Built In LA. “In terms of our future growth plans, in addition to expanding our trading tools and data insights, we’re excited to be pushing into South America, in addition to the US and Mexico, which has been our focus previously.”
ProducePay provides distribution and financing access to fresh produce farmers who ship to the United States. The company acts as a consignment agent for farmers and sells their crops on the market, charging a commission or percentage of the profit for these services.
Anterra Capital led the round, with participation from Rabo Frontier Ventures, Coventure, Social Leverage, FJ Labs, Greenhouse Capital, Moonshots Capital and Tribeca Angels, according to a Thursday statement announcing the deal.
The company has raised $94.4 million in funding to date.