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Year of Investment 2018

Description of the portfolio company

Since its inception in 2014 ProducePay has grown into a leading ag/fintech player for fresh produce (fruits and vegetables) in the Americas. The platform enables farmers to borrow, grow and trade their produce with US off-takers. ProducePay provides non-collateral backed (pre)season working capital financing (from $200K up to $20m) to produce farmers that US distributors are looking to source product from but do not have the risk appetite, expertise, or treasury to provide these advances. So far ProducePay has enabled exports of ~$4 billion of produce to the US and Europe. They are currently working with ~1,000 growers and distributors in +12 countries (predominantly US, Mexico, LATAM) and in the process of growing business in Europe, with the Netherlands and horticulture as their beachhead.


Investment rationale

Growers of fresh produce in different parts of the world face similar issues; limited access to working capital, trade protection and fair value. ProducePay is a marketplace that is rapidly transforming the fragmented fresh produce industry into a more connected and sustainable supply chain. They offer farmers unprecedented market access, financial solutions, and the trade protection they need. Through ProducePay buyers and consumers receive fresh produce more efficiently; knowing that it is sustainably grown and delivered. This approach also helps eliminate 60% of food and economic waste globally and create value for everyone involved.