ProducePay lands $140M to expand digital produce platform

What's the deal? ProducePayDealroom has a profile for this one. Try Dealroom →, a digital platform for the produce trade, has raised more than $140 million in equity and finance capital. Avenue Capital and AstanorDealroom has a profile for this one. Try Dealroom → led the late-stage round, which could expand to $300 million.

What's the endgame? The company plans to fund global expansion across three areas: its financial solutions, digital platform development, and data and predictive analytics.

Why now? ProducePay is positioning itself for a volatile trading landscape. "With a strong financial foundation in place, we're doubling down on our platform, helping forward-thinking agribusinesses invest, expand and grow with confidence in an increasingly less predictable global trading environment," chief executive officer Patrick McCullough said.

McCullough called the round "a major milestone for ProducePay."

The signal: The raise ranks among the largest of its kind, sitting in the 95th percentile of all-time late-stage venture rounds for US food companies. It points to sustained investor appetite for technology aimed at modernising agricultural supply chains.

Image credit: Produce Pay