ProducePay secures USD 38M in Series D financing

US – ProducePay, a US Based startup transforming the global produce industry, has successfully raised USD 38 million in Series D financing spearheaded by Syngenta Group Ventures.

Other notable 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 overwhelming demand, the Series D round will continue to accept investments as additional stakeholders complete their due diligence.

ProducePay operates with a mission to bring transparency and predictability to the fresh produce supply chain, which has become increasingly volatile due to factors such as extreme weather events, supply shortages, and price fluctuations.

The company’s Predictable Commerce Platform provides growers and buyers with the tools to navigate this volatility efficiently.

Patrick McCullough, CEO of ProducePay, highlighted the challenges facing the industry and the significance of the recent funding. “Extreme weather events, supply shortages, and price fluctuations are a few factors contributing to the increasing volatility of the fresh produce industry,” said McCullough.

ProducePay intends to utilize the latest capital infusion to accelerate its global expansion, targeting markets in Europe, Asia, Africa, and Australia.

Additionally, the funds will be directed towards advancing the development of technology and services, including Predictable Commerce Programs in collaboration with leaders and innovators in the fresh produce industry.

To date, ProducePay has facilitated more than USD 4.5 billion in fresh produce transactions globally.

The company’s strategic collaboration with table grape shipper Four Star Fruit has already yielded impressive results.

The Predictable Commerce Program, implemented in March 2023, has significantly improved efficiency and waste reduction across Four Star’s transactions.

Key achievements of the program include a 90% reduction in rejection rates, 31% fewer days in transit for fresh produce, 50% fewer stops along the delivery pathway to retail, and a 41% reduction in days spent in cold storage.

Importantly, this has led to a reduction of 356 tons of CO2e emissions that would have otherwise resulted from food waste.

David Pierson, Managing Director at Syngenta Group Ventures, emphasized the alignment of ProducePay’s mission with Syngenta’s commitment to innovation and sustainability in agriculture.

“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,” said Pierson.

The strategic partnership with Syngenta Group Ventures positions ProducePay for further growth and impact in the global fresh produce industry.

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