ProducePay Picks Up $7M Equity, $70M Debt For Farm Financing Startup

Los Angeles-based ProducePay, which operates a fintech startup to help farmers better manage their cash flow, has raised $77M in funding, split between $7M in equity and $70M in debt. The funding was led by CoVenture, and also included Menlo Ventures, Arena Ventures, CoVenture, Red Bear Angels, Social Leverage, plus Moonshots Capital. ProducePay is led by Pablo Borquez Schwarzbeck. Source of the debt funding was not announced. ProducePay offers up a next day advance on produce when they are shipped to suppliers, as well as pre-season advances and its own market for distributors. More information »