Zoe Schaeffer
ProducePay, a Latin American agricultural product marketing platform, has secured $38 million in Series D funding, led by Syngenta Group Ventures. This round also saw participation from CF Private Equity and existing investors like G2 Venture Partners and Anterra Capital, among others. The funding will support ProducePay’s global expansion into Europe, Asia, Africa, and Australia, and enhance its technology and services. The company has facilitated over $4.5 billion in fresh produce transactions worldwide.
The platform’s Predictable Trade Programs, developed in partnership with Four Star Fruit, have significantly improved efficiency and reduced waste in table grape exports from Chile, Peru, and Mexico to the US. Since July 2023, these programs have led to a 90% reduction in rejection rates, 31% fewer transit days, 50% fewer delivery stops, 41% less time in cold storage, and a reduction of 356 tons of CO2 emissions.
Patrick McCullough, CEO of ProducePay, highlighted the industry’s volatility due to extreme weather events, supply shortages, and price fluctuations. The company’s exponential growth and global scalability attracted top-tier investors, valuing ProducePay significantly higher than its last valuation. David Pierson from Syngenta Group Ventures praised ProducePay’s alignment with Syngenta’s commitment to innovation and sustainable agriculture, emphasizing the platform’s role in reducing food and economic waste while providing farmers with greater financial security.
