IDB Invest recently invested $ 6 million in ProducePay, an AgTech company focused on the agribusiness sector. ProducePay offers financing solutions to producers within Latin America, as well as market intelligence and access to an innovative model to benefit both farmers and distributors.
The financing is part of a $ 43 million Series C round led by G2VP, a Silicon Valley-based venture capital firm.
The investment resources will be used to expand ProducePay operations, invest in technology, marketing and other operating expenses, and grow its sales team. The company enables farmers in the region, who represent an integral part of the U.S. fresh fruit and vegetable supply chain, to access financing and connect with trusted counterparties while improving transparency and commerce right on the market.
In addition, ProducePay will also incorporate relevant improvements to its corporate governance practices and develop a solid sustainability strategy that will contribute to the vision of effectively expanding its disruptive business model and positioning itself in the market as one of the fastest capital providers increase.
The deal potentially contributes to three of the United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8), Responsible Consumption and Production (SDG 12), and Partnerships for the Goals (SDG 17).