ProducePay
Overview
ProducePay is an AgTech company revolutionizing the global agricultural industry with its innovative platform designed for the fresh produce market. Founded in 2014 by fourth-generation farmer Pablo Borquez Schwarzbeck, the company is headquartered in Los Angeles, California. ProducePay facilitates the connection between farmers and buyers, enhancing supply chain transparency and efficiency. As of 2024, ProducePay has raised a total of $104 million, with its most recent Series D funding round secured in February 2024 for $38 million, led by Syngenta Group Ventures.
Recent Developments
- October 2024: ProducePay released its inaugural Fresh Produce Industry Volatility Report, highlighting a 70% annualized pricing volatility rate within the sector, impacted by factors such as extreme weather and labor costs.
- August 2024: The company published its 2023 Impact Report, focusing on initiatives to combat food waste, improve working conditions, and promote sustainable farming practices.
- July 2024: ProducePay partnered with MAVRK Capital, securing $500 million to enhance its Predictable Commerce Programs, which aim to stabilize fresh produce supply chains globally.
- February 2024: A Series D funding round of $38 million was completed, led by Syngenta Group Ventures, to support ProducePay's global expansion into Europe, Asia, Africa, and Australia.
- March 2024: Launched a Visibility solution aimed at improving transparency and reducing waste in the fresh produce supply chain, providing real-time shipment tracking and quality control.
- January 2024: The company expanded its Quick-Pay solution, facilitating immediate financial liquidity for Latin American growers exporting to Europe, helping them manage cash flow effectively.
- 2023: ProducePay was named one of Fast Company's World’s Most Innovative Companies for its efforts in transforming agricultural practices through technological solutions like Quick-Pay+ and its Predictable Commerce Programs.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2014 |
| Headquarters | Los Angeles, California, United States |
| Founders | Pablo Borquez Schwarzbeck |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | Syngenta Group Ventures, CF Private Equity |
| Industry | AgTech, FinTech |
| Number of Employees | Approximately 330 as of 2024 |
Early History
ProducePay was conceived as a solution to the volatile conditions faced by farmers shipping fresh produce to the U.S. Founded in 2014 by Pablo Borquez Schwarzbeck after completing his MBA project at Cornell University, the company set out to provide financial resources and market access to growers. Starting as a platform for pre-harvest financing, it quickly expanded its offerings to include a grower-distributor network and market insights. ProducePay's initial years were marked by significant growth in funding rounds, including a Series A in 2016, which laid the foundation for its expansion across the Americas.
Company Profile and Achievements
ProducePay’s business model revolves around its Predictable Commerce Platform, which offers financial solutions, supply chain visibility, and direct market access for fresh produce growers. The platform serves as a hub for growers and buyers, promoting efficiency and sustainability.
- Predictable Commerce Programs: These programs connect growers, marketers, and retailers to build a year-round supply chain, reducing waste and ensuring stable pricing.
- Visibility Solution: This tool provides real-time tracking of produce shipments, improving communication and reducing food waste.
- Global Presence: Active in over 20 countries, including major agricultural markets such as Mexico and the United States.
- Sustainability Initiatives: ProducePay is committed to reducing food waste and improving working conditions, aligning its operations with global sustainability standards.
- Awards: Recognized by Fast Company as one of the most innovative companies and honored as a unicorn by the World Economic Forum.
Current Operations and Market Position
ProducePay continues to expand its global footprint, aiming to transform the fresh produce supply chain into a more predictable and sustainable network. With a robust technological platform, the company secures contracts with major retailers worldwide, facilitating improved logistics, reduced delivery times, and enhanced quality assurance from produce farms.
- Market Share: ProducePay plays a pivotal role in North and Latin American markets, providing significant financial backing for produce transactions.
- Competitive Edge: The company’s integration of fintech solutions into agriculture provides unique market insights, allowing stakeholders to make informed decisions.
- Strategic Initiatives: Ongoing partnerships with key players like Four Star Fruit drive innovation in supply chain management.
Conclusion
ProducePay stands at the frontier of agricultural innovation, blending financial technology with agtech to overcome the challenges of fresh produce supply chains. With its cutting-edge Predictable Commerce Platform, ProducePay is not only reducing food waste and enhancing sustainability but also paving the way for a more reliable and efficient global agricultural market. As the company continues to grow and expand internationally, it is poised to significantly influence how fresh produce is traded, ensuring stability and profitability for all participants in the supply chain.