Key Takeaways
- Transparency Unveiled: ProducePay launches Visibility, enhancing transparency from farm to destination in the fresh produce supply chain.
- Reducing Food Waste: Aiming to decrease rejection rates, thus mitigating food waste and fostering economic stability for growers.
- Advancing Predictable Commerce: This initiative seeks to bring control and predictability to the volatile fresh produce supply chain.
- Feature-Rich Solution: Offers real-time tracking, in-depth produce details, and comprehensive visibility for stakeholders.
- Impactful Collaboration: Early partnership with Four Star Fruit demonstrates significant improvement in rejection rates and quality assurance.
ProducePay (Profile) has unveiled its Visibility solution, which aims to transform the agricultural sector into a more predictable, connected, and sustainable ecosystem. This innovative approach seeks to address the persistent challenges faced across global supply chains, including high rejection rates, frequent disputes, customer dissatisfaction, and consequent economic and food waste.
The Path to Predictable Commerce
The Visibility solution represents a significant enhancement to ProducePay’s Predictable Commerce Programs, providing growers and buyers with increased control amidst the uncertainties of the fresh produce supply chain. Leveraging state-of-the-art technology alongside expertise from on-the-ground agronomists, this solution offers a detailed and controllable overview of produce shipments through a centralized, digital platform.
Perspectives From Executives
Patrick McCullough, CEO of ProducePay, explained the motivation behind the innovation: “Delivering high-quality produce across global supply chains is fraught with challenges, leading to high rejection rates, frequent disputes, and disappointed customers – not to mention a staggering level of food and economic waste.”
Highlighting the solution’s benefits, Tony Fadell, Principal at Build Collective and an investor in ProducePay, emphasized its potential to solve critical agricultural challenges: “ProducePay assesses and tracks produce from the field to the store, giving farmers credibility and buyers the quality assurance they value. This results in higher quality produce, less food waste, and more profits for farmers and retailers.”
Ensuring High-Quality Deliveries
One of the core features of the Visibility solution is its ability to provide real-time, comprehensive information on the quality, quantity, and status of produce shipments. This capability, bolstered by the expertise of agronomists in the field, ensures the delivery of high-quality produce that meets all specifications.
Streamlining the Supply Chain
The solution also offers end-to-end visibility, enabling stakeholders to manage orders efficiently—from acceptance and adjustments to invoicing and rejections. This feature streamlines the supply chain process, saving time and resources for more effective planning.
Demonstrated Success and Industry Impact
An initial collaboration with Four Star Fruit, a leading grower and distributor of table grapes, showcased the solution’s impact. The partnership resulted in less than 1% rejection rates for table grape shipments, marking an 80% improvement over traditional sourcing programs.
ProducePay Recent News
Secures $38M in Series D Financing (2024/02/06)
ProducePay has secured $38 million in Series D financing led by Syngenta Group Ventures. The funding will be used for global expansion and technological enhancements. ProducePay’s Predictable Commerce Platform offers unprecedented levels of transparency and predictability in the fresh produce supply chain, mitigating industry challenges such as extreme weather and price fluctuations. The platform has demonstrated success in reducing waste, improving efficiency, and decreasing transit times and CO2 emissions. This collaboration signifies a shared commitment to reducing waste and enhancing the agricultural value chain.
ProducePay Joins World Economic Forum’s Innovator Communities as a Unicorn Member (2023/09/27)
ProducePay has been recognized for its innovative contributions to the global produce industry by being invited to join the World Economic Forum’s Innovator Communities as a Unicorn member, emphasizing its commitment to creating a more connected, stable, and sustainable supply chain. Through a groundbreaking partnership with Four Star Fruit, ProducePay aims to address the industry’s significant food and economic waste, enhancing predictability and stability in the face of challenges like extreme weather. This recognition, alongside accolades such as Fast Company’s 2023 World’s Most Innovative Companies ranking, underlines ProducePay’s impactful role in transforming agricultural practices for better food security and sustainability, supported by the leadership of CEO Patrick McCullough and founder Pablo Borquez Schwarzbeck.
ProducePay & Four Star Fruit Announce Direct-to-Retail Supply Chain Program (2023/07/14)
ProducePay and Four Star Fruit have launched a direct-to-retail supply chain program to address the challenge of meeting year-round demand for high-quality fresh produce while keeping consumer prices stable. The program will directly connect table grape growers and retailers, reducing economic and food waste by eliminating many unnecessary intermediaries. It also provides growers with greater financial sustainability and investments will be made in sustainable growing practices, traceability, and product quality.
Extends Its Quick-Pay Solution to Support Europe-Latin America Trade (2023/05/17)
ProducePay has expanded its Quick-Pay solution to aid Latin American growers in shipping fresh produce to Europe. This service allows growers to receive up to 50% of their shipment’s value within 24 hours of it being shipped to a European buyer. The expansion includes trade protection features and will commence in The Netherlands and Spain. This service is designed to improve cash flow for growers, enabling them to make crucial operational decisions, invest in sustainable practices, and enhance their day-to-day operations.
Named In Fast Company’s Most Innovative Companies (2023/03/03)
ProducePay (website), a marketplace transforming the global produce industry into a more connected and sustainable supply chain, has been named one of Fast Company’s World’s Most Innovative Companies for 2023. The list highlights businesses at the forefront of their respective industries, paving the way for the innovations of tomorrow. In addition, ProducePay earned the distinction from Fast Company for launching its QuickPay+ program. This financing solution empowers growers and disrupts the produce industry’s decades-old practice of Pick & Pack.
Makes Strategic Appointments (2023/03/01)
ProducePay has recently announced the appointment of Karl Varsanyi, Manolo Reyes, and Ravi Jolly to key leadership positions. These appointments are part of the company’s strategic plans to expand its reach and scale globally.
Launches Virtual Storefront to Connect Growers and Buyers in the Global Produce Industry (2023/02/01)
The Virtual Storefront is a platform that allows growers to market their products, connect with buyers, and share real-time information about their operations, farming practices, and sustainability commitments. It also provides a seamless browsing experience for buyers, who can view a grower’s specifications, acceptance rate, and successful shipment history. The platform integrates ProducePay’s financing solutions for greater convenience. Verified Members have a 97% acceptance/fill rate.
Announces CEO Transition & Record Growth in 2022 (2023/01/06)
ProducePay, a marketplace for the global produce industry, has announced the appointment of Patrick McCullough as its new CEO. McCullough has previously served as a board member and advisor to the company for two years and brings over 25 years of experience in international business development to the role. He will be succeeded as CEO by Pablo Borquez Schwarzbeck, the company’s founder, who will become the executive director of the board. ProducePay has experienced significant growth in the past year, with an 85% increase in year-on-year transactions and 279% growth in overall transactions on its marketplace. The company also launched a new Quick-Pay financing service and a carbon offset program for its grower customers.
Image provided by ProducePay
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