1107 McDonough Place, McDonough, GA 30253 Mon–Fri 10 AM–5 PM
1010Computers
404-585-6253

December 10, 2019

ProducePay nabs $190 million debt financing to lend to farmers

Los Angeles-based ProducePay has inked a $190 million debt facility from CoVenture and TCM Capital to expand its lending business and marketplace for farmers.

ProducePay offers farmers cash advances throughout the growing season to smooth the sometimes lumpy revenues and give farmers a bit more predictability, the company said. It buys produce ahead of delivery and sets itself up as a middle-man between distributors, growers and grocers.

Since its launch in 2015, the company has seen $1.5 billion worth of produce flow across its marketplace; $750 million of those transactions were in the last year.

ProducePay’s pitch to farmers is the company’s centralized marketplace, which the company says offers growers higher pricing and certain payment from distributors, along with better pricing for supplies and services like seed, equipment and logistics services.

The marketplace service, which only launched in October, has already seen $100 million in purchases.

“In just four years, ProducePay has had a transformative effect on the financial health and success of scores of farmers and value-additive distributors in Latin America and the U.S.,” said ProducePay founder and CEO Pablo Borquez Schwarzbeck, in a statement. “This new debt facility will accelerate ProducePay’s impact, empowering more farmers and distributors to run their businesses more profitably, making high quality and affordable fresh produce available throughout the U.S.”

Powered by WPeMatico

Need practical help?

Start with the problem your technology is causing.

404-585-6253

Start service

Choose the right service path

In-store visits can be scheduled now. Mobile and remote service begin as requests that require supervisor review before any service appointment is confirmed.

In-Store RepairChoose an available repair-center time. Completing the RepairShopr form creates a valid in-store visit appointment without waiting for staff confirmation.
Your selected time is your in-store appointment

Complete the RepairShopr booking form after choosing a time. The appointment and contact details are saved as a RepairShopr Lead so the team can find the visit when you arrive and begin customer-account and ticket entry faster.

Choose an In-Store Appointment Time

Current limitation: the hosted booking form records the selected time and contact information, but it does not currently ask for device or issue details. Please have that information ready at check-in.

Prefer to speak with someone? Call 404-585-6253.