Funding round
ProducePay Series B
ProducePay, which works in fresh produce supply chain financing in Los Angeles, raised $14M in a Series B round announced on 18 Oct 2018, led by Anterra Capital. 8 firms took part. It is ProducePay's second venture round on record; the one before was a Seed in Jun 2016.
$14M
Amount raised
Not disclosed
Post-money valuation
8
Investors
1 lead
Valuation
What this round says about the price
ProducePay did not disclose a valuation in this round. It came 28 months after ProducePay's Seed. It is 5.9% of the $238M ProducePay has raised in the venture rounds on record. ProducePay raised again 31 months later: a Series C round of $43M in May 2021.
ProducePay's funding rounds
ProducePay has 5 venture rounds on record and 2 other deals. This one is highlighted.
- Seed 29 Jun 2016 $2.5M
- Debt not a venture round 14 Mar 2017, led by Treville Capital Group $77M
- Series B this round 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
Anterra Capital led the round with 7 other firms.
Lead investor
- Anterra Capital new investor
Also in the round
- backs 38 venture-backed companies new investor
- backs 15 venture-backed companies new investor
- backs 31 venture-backed companies new investor
- FJ Labs backs 316 venture-backed companies new investor
- backs 8 venture-backed companies new investor
- backs 29 venture-backed companies new investor
- Tribeca Angels new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and working capital.
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
10 Series B rounds in Financial Services within a year either side disclosed an amount; the median was $26M, and this round was 53% of the median. The closest in time, other companies' Series B rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Ualá Financial Services | 1 Oct 2018 | $34M | not disclosed | Goldman Sachs Investment Partners |
| Financial Services | 4 Dec 2018 | $28M | not disclosed | not named |
| Financial Services | 20 Dec 2018 | $8.1M | not disclosed | not named |
| Petal Financial Services | 29 Jan 2019 | $30M | not disclosed | Valar Ventures |
| Financial Services | 6 Feb 2019 | $25M | not disclosed | Khosla Ventures |
| DriveWealth Financial Services | 3 Apr 2018 | $21M | not disclosed | Raptor Group and SBI Holdings |
| Financial Services | 15 May 2019 | $42M | not disclosed | Portage Ventures |
| DailyPay Financial Services | 15 Feb 2018 | $9.0M | not disclosed | Intercept Ventures |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did ProducePay raise in its Series B round?
ProducePay raised $14M in its Series B round, announced in Oct 2018.
Who led ProducePay's Series B round?
Anterra Capital led it, with Rabo Investments, Treville Capital Group, Social Leverage, FJ Labs and Greenhouse Capital and 2 more.
What was ProducePay's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Financial Services?
10 Series B rounds in Financial Services within a year either side disclosed an amount; the median was $26M, and this round was 53% of the median.
Did ProducePay raise again after this round?
Yes: a Series C round in May 2021 of $43M.