Funding round
ProducePay Seed
ProducePay, which works in fresh produce supply chain financing in Los Angeles, raised $2.5M in a Seed round announced on 29 Jun 2016. 5 firms took part. It is ProducePay's first venture round on record.
$2.5M
Amount raised
Not disclosed
Post-money valuation
5
Investors
no lead named
Valuation
What this round says about the price
ProducePay did not disclose a valuation in this round. It is ProducePay's first venture round on record, 2 years after it was founded in 2014. It is 1.1% of the $238M ProducePay has raised in the venture rounds on record. ProducePay raised again 28 months later: a Series B round of $14M in Oct 2018.
ProducePay's funding rounds
ProducePay has 5 venture rounds on record and 2 other deals. This one is highlighted.
- Seed this round 29 Jun 2016 $2.5M
- Debt not a venture round 14 Mar 2017, led by Treville Capital Group $77M
- Series B 18 Oct 2018, led by Anterra Capital $14M
- Debt not a venture round 10 Dec 2019 $205M
- Series C 20 May 2021, led by G2 Venture Partners, International Finance Corporation and IDB Invest $43M
- Series D 5 Feb 2024, led by Syngenta Group Ventures $38M
- Growth 1 Sep 2026, led by Avenue Capital Group and Astanor $140M
Investors
Who put money in
5 firms took part; no lead investor was named.
Investors
- Menlo Ventures backs 215 venture-backed companies new investor
- Arena Ventures new investor
- backs 15 venture-backed companies new investor
- backs 6 venture-backed companies new investor
- backs 31 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: 2 in Financial Services, then Seed rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| DailyPay Financial Services | 31 Oct 2015 | $1.5M | $7.5M | not named |
| Financial Services | 8 Apr 2017 | $4.0M | not disclosed | not named |
| Water Supply & Water Treatment | 21 Jun 2016 | $100M | not disclosed | EIV Capital |
| Payment Processing & Point of Sale | 21 Jun 2016 | $7.9M | not disclosed | not named |
| HiBob Tech Companies | 1 Jun 2016 | $7.5M | not disclosed | Bessemer Venture Partners |
| Radiology Clinic | 21 Jun 2016 | $5.0M | not disclosed | not named |
| Metal Fabrication Services | 1 Jun 2016 | $3.4M | not disclosed | True Ventures |
| Tech Companies | 22 Jun 2016 | $2.9M | not disclosed | Resolute Ventures |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did ProducePay raise in its Seed round?
ProducePay raised $2.5M in its Seed round, announced in Jun 2016.
Which investors took part in ProducePay's Seed round?
Menlo Ventures, Arena Ventures, Treville Capital Group, Red Bear Angels and Social Leverage.
What was ProducePay's valuation at the Seed round?
It was not disclosed.
Did ProducePay raise again after this round?
Yes: a Series B round in Oct 2018 of $14M.