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Los Angeles provider of short term financing and payments options to fresh produce farmers has raised $14m of Series B funding led by Anterra Capital.
The Series B funding will be used to finance the next growth phase of the business as it scales its financing business and develops its software platform. It follows significant growth in 2017, in which the company financed $400m of produce, up from $17m in 2015. Founded in 2015, ProducePay has provided liquidity to over 600 growers and distributors in six countries, financing over $850m of produce in under four years. In addition to cash flow solutions, ProducePay has recently launched multiple tools for online trading and data insights. These tools aim to streamline the produce sales process by allowing verified distributors and grower shippers to find new business partners, communicate digitally and access real-time pricing and market conditions.
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