ProducePay, which claims to bring transparency and fairness to the produce market, has closed its Series C round on $43m.
The round was co-led by G2VP, IFC and IDB Invest, with commitments also coming from Anterra Capital, Coventure, Astanor Ventures, IGNIA and Finistere.
Funds from the round will be used to invest into technology development and infrastructure, deepen its direct sales team and expand across Latin America.
ProducePay helps farmers get easier access to financing at every stage of the harvest cycle and ?with flexible payment terms.
Its services include grower financing, market pricing data and analytics and a marketplace for growers, distributors and suppliers.
The FinTech company claims to have financed $3bn of produce across 12 countries in North and South America. It also claims its revenue doubled during 2020.
ProducePay co-founder and CEO Pablo Borquez Schwarzbeck said, ?The global fresh produce market is opaque, fragmented, and dominated by manual processes, and these obstacles make it difficult for growers and distributors to thrive.
?We remove these pain points to provide transparency, predictability, and fairness for both growers and distributors throughout the entire produce value chain, from seed to sale.p>
With the close of the round, the company has bagged more than $300m in debt and equity financing since it was founded in 2014.
The FinTech closed its Series B round on $14m in 2018, with commitments coming from Anterra Capital, Rabo Frontier, Coventure and others.
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