ProducePay, a Los Angeles agtech startup, has added $38 million to its coffers for its mission to eliminate economic and food waste.
The Series D was led by Syngenta Group Ventures, the venture capital arm of Syngenta Group, with participation by new investor CF Private Equity as well as existing investors G2 Venture Partners, Anterra Capital, Astanor Ventures, Endeavor8, Avenue Venture Opportunities, Avenue Sustainable Solutions and Red Bear Angels.
The round will remain open while additional investors complete diligence, the company said.
ProducePay said that its Predictable Commerce Platform offers growers and buyers transparency and predictability around the fresh produce supply chain, giving them access to each other, capital, trading and insights. The company said it has supported more than $4.5 billion in fresh produce transaction globally to date.
“Extreme weather events, supply shortages and price fluctuations are just a few examples of factors contributing to the increasing volatility of the fresh produce industry,” said CEO Patrick McCullough in a statement, adding that the new funding will help the company “take ProducePay to the next level of helping growers, marketers and retailers around the world expertly manage these volatilities to avoid disruption of their business — while reducing the massive amount of economic and food waste that impacts every touch point across the supply chain.”
The company will use the new funding to expand to Europe, Asia, Africa and Australia, as well as continue to develop its technology and services.
