Food waste is a pressing issue globally, with a significant portion of the supply ending up in landfills. Startups are increasingly focusing on addressing this challenge, and Los Angeles-based ProducePay is one such venture making strides in this space.
Key Takeaway
ProducePay secures $38 million in funding to bolster its efforts in addressing food waste and enhancing transparency in the fresh produce supply chain, marking a significant milestone in the company’s growth.
ProducePay’s Mission and Solutions
ProducePay aims to provide fresh produce growers and buyers with enhanced transparency and flexibility within the grocery supply chain. The platform offers access to capital, a global trading network, insights, and supply chain visibility, empowering stakeholders to have greater control over their businesses.
Founder’s Vision
Pablo Borquez Schwarzbeck, the founder of ProducePay, drew inspiration from his family’s farming background and his experience working in the fruits and vegetables industry. He recognized the challenges faced by growers, including volatility, unpredictability, and inefficiencies within the supply chain.
Addressing Growers’ Challenges
ProducePay’s platform provides working capital to support growers and distributors with various expenses, ultimately helping them achieve stronger financial positions. By offering liquidity post-harvest, the platform enables faster and larger payouts, benefiting both growers and distributors.
Financial Products and Supply Chain Visibility
ProducePay combines its financial products with supply chain visibility tools, creating “predictable commerce programs.” These programs involve retailers committing to fixed pricing and volume, fostering a more efficient and transparent supply chain.
Business Growth and Funding
ProducePay’s revenue has seen a significant increase, with trade volume on the platform nearly tripling. The company recently announced a $38 million Series D funding round, led by Syngenta Group Ventures, to support its expansion into new markets and further develop its team.
