ProducePay nabs $190 million debt financing to lend to farmers

TechCrunch | 12/10/2019 | Staff
gbabii05gbabii05 (Posted by) Level 3
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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.

Launch - Company - Worth - Produce - Flow

Since its launch in 2015, the company has seen $1.5 billion worth of produce flow across its marketplace and $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...
(Excerpt) Read more at: TechCrunch
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