Farming-focused lender ProducePay has secured $77m in equity and debt funding to provide cash-flow solutions to farmers of perishable goods.
The round is made up of $70m in debt arranged by CoVenture and $7m in an equity round led by the same investor.
Existing backers Menlo Ventures, Arena Ventures, Red Bear Angels and Social Leverage also participated in the round for the LA-based startup.
ProducePay’s platform aims to offer cash flow solutions to fresh produce farmers by paying them for goods the day they ship rather than forcing them to wait 30 to 45 days for the produce to be sold as is the normal case.
The company also allows buyers to connect to new seller and uses big data analytics to generate sale prices for the produce.
ProducePay founder and CEO Pablo Borquez Schwarzbeck said: “I grew up in a family of farmers, and saw that this industry was ripe for innovation, particularly as it related to cash flow efficiencies.
“I want to reach the percentage of people who could be farming but aren’t because they don’t have the access to cashflow to do so.
“By providing access to both funding and markets, we are championing their ability to grow, both figuratively and literally.”
The company has provided more than $80m in financing since launching in September 2015.
ProducePay previously picked up $2.51m in a Seed funding round in June last year.
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