Rabo Frontier Ventures is reported to have invested in the agtech company ProducePay. Accordingly, the company has secured USD 14 million in a Series B Funding round. ProducePay will use the funding to finance its next growth phase and to develop its software platform.
Harrie Vollaard, Head of Rabo Frontier Ventures, states that “As the global leading Food & Agri bank, Rabobank aims to partner with revolutionary ventures in agriculture technology. ProducePay offers a solution that perfectly fits the Food & Agri ambitions of Rabobank.” He continues that the service of ProducePay addresses an important pain point in the fresh produce value chain. ”The platform enables farmers to connect to food retailers in a more cost efficient and less risky way, of which all involved parties in the food value chain will benefit” he adds.
On the other hand, Pablo Borquez Schwarzbeck, CEO of ProducePay says that in the last three years they have reinvented how the produce industry accesses short-term cash needs and the transparency of their supply chain. ”To date, ProducePay has helped move over $850m of produce. By receiving financial support from Anterra Capital, the leading Food & AgTech VC, and Rabobank, the world’s premier Ag-focused bank, we are empowered to continue on the path to becoming the fintech leader of the produce industry.” he shares.
Based in Los Angeles, ProducePay aims to assist farmers feeding the world in a sustainable way with financial resources, tech tools, and data insights. The company’s goal is to provide payment solutions to the fresh-produce industry and its agents.
Founded in 2018, Rabo Frontier Ventures is the venture capital arm of Rabobank, and is focusing on early-stage, startups, spin-offs, and scale-up investments in fintech.