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ProducePay raises $38M to tackle produce supply chain waste
ProducePay, a startup developing ways to help tackle fresh produce waste, has raised $38 million in a funding round.
Another among the food waste-fighting ventures is Los Angeles-based ProducePay, whose stated mission is to give fresh produce growers and buyers greater transparency — and flexibility — in the grocery supply chain. “ProducePay is on a mission to eliminate the economic and food waste caused by the volatile and fragmented nature of today’s global fresh produce supply chain,” CEO Pat McCullough told TechCrunch in an email interview “Our [platform] is giving growers and buyers greater control of their business by providing unprecedented access to capital, a global trading network, insights and supply chain visibility.” Beyond standalone services, ProducePay bundles its financial products with supply chain visibility tools to create what McCullough calls “predictable commerce programs.” The programs have retailers commit to fixed pricing and volume before the growing season starts in exchange for produce from vetted growers.
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