US-based agricultural finance and technology provider ProducePay has received $14m in a series B round backed by Rabo Frontier Ventures, a strategic investment vehicle for financial services firm Rabobank.
The round was led by venture capital firm Anterra Capital, which was formed from the spin out of Rabobank’s Rabo Ventures investment subsidiary in 2013. CoVenture, Social Leverage, FJ Labs, Greenhouse Capital, Moonshots Capital and Tribeca Angels also took part.
Founded in 2015, ProducePay markets financial services for the agricultural sector through an online platform, offering products including short-term loans that use crops as collateral, and a next-day payment processing tool. It also operates a trading platform enabling farmers to set up new deals for their produce.
The capital will help ProducePay scale its business as it continues developing its software and pursuing the next stage of its growth strategy. It received $7m in a March 2017 series A round led by Coventure alongside $70m of debt financing.
Menlo Ventures, Arena Ventures, Red Bear Angels and Social Leverage also backed the series A round, which came after a $2.5m seed round backed by Menlo Ventures, CoVenture, Red Bear, Social Leverage and Arena Ventures the previous year, according to TechCrunch.