Funding round
ProducePay Series C
ProducePay, which works in fresh produce supply chain financing in Los Angeles, raised $43M in a Series C round announced on 20 May 2021, led by G2 Venture Partners, International Finance Corporation and IDB Invest. 8 firms took part, 2 of them already investors. It is ProducePay's third venture round on record; the one before was a Series B in Oct 2018.
$43M
Amount raised
Not disclosed
Post-money valuation
8
Investors
3 leads
Valuation
What this round says about the price
ProducePay did not disclose a valuation in this round. It came 31 months after ProducePay's Series B. It is 18% of the $238M ProducePay has raised in the venture rounds on record. ProducePay raised again 33 months later: a Series D round of $38M in Feb 2024.
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 18 Oct 2018, led by Anterra Capital $14M
- Debt not a venture round 10 Dec 2019 $205M
- Series C this round 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
G2 Venture Partners, International Finance Corporation and IDB Invest led the round with 5 other firms. Anterra and Co Ventures had backed ProducePay before.
Lead investors
- backs 33 venture-backed companies new investor
- International Finance Corporation backs 92 venture-backed companies new investor
- backs 11 venture-backed companies new investor
Also in the round
- backs 7 venture-backed companies existing investor
- backs 5 venture-backed companies existing investor
- backs 42 venture-backed companies new investor
- backs 24 venture-backed companies new investor
- Finistere Ventures new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
10 Series C rounds in Financial Services within a year either side disclosed an amount; the median was $108M, and this round was 40% of the median. The closest in time, other companies' Series C rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Trade Republic Financial Services | 20 May 2021 | $900M | $5.00B | Sequoia Capital |
| Financial Services | 15 Mar 2021 | $70M | not disclosed | TTV Capital |
| Bitpanda Financial Services | 17 Aug 2021 | $263M | $4.10B | Valar Ventures |
| FalconX Financial Services | 10 Aug 2021 | $210M | $3.75B | Altimeter and B Capital |
| Financial Services | 15 Dec 2020 | $65M | not disclosed | Accel |
| Financial Services | 25 Nov 2021 | $25M | $3.39B | Tiger Global |
| DriveWealth Financial Services | 27 Oct 2020 | $57M | not disclosed | Point72 Ventures |
| Petal Financial Services | 24 Sep 2020 | $55M | not disclosed | Valar Ventures |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did ProducePay raise in its Series C round?
ProducePay raised $43M in its Series C round, announced in May 2021.
Who led ProducePay's Series C round?
G2 Venture Partners, International Finance Corporation and IDB Invest led it, with Anterra, Co Ventures, Astanor, IGNIA and Finistere Ventures.
What was ProducePay's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Financial Services?
10 Series C rounds in Financial Services within a year either side disclosed an amount; the median was $108M, and this round was 40% of the median.
Did ProducePay raise again after this round?
Yes: a Series D round in Feb 2024 of $38M.