Agritech startup Produze raises $2.6mn in seed funding by Accel

By Arya M Nair, Intern Reporter
  • Follow author on
Agritech
Representational image

Produze, an agritech startup serving multiple agri produce categories in countries such as the Middle East, North America and Europa, has raised $2.6 million in Seed financing led by Accel, an American venture capital firm.

The funding round was also led with the participation from All In Capital, and founder and CEOs of Ninjacart, Sammunati, Fashinza, Drip Capital, CityMall, Stellapps, DhanHQ and other investors.

Produze is a first-of-its-kind platform that enables retailers to procure directly from the source country agri producers delivered to their stores, enabling quality guarantee, competitive pricing, complete fulfillment and just-in-time delivery.

The startup digitizes procurement operations through a wide network of source producers, digitized exporting operations, importing operations and last mile logistics.

Mr. Ben Mathew, Co-founder & CEO, Produze said that “Cross border supply chain for agri produce today is fragmented with several intermediaries and poorly managed processes, which creates inconsistency in quality, inefficient prices and wastage, leading to a loss in value for the retailers and distributors. At Produze, we’re enabling seamless commerce between the retailers and agri producers to return this wasted value back to them. The Middle East has been a big strategic focus for Produze, UAE for instance is a dynamic and globalized market relying significantly on imports for food needs of an expanding population, where citizens and residents seek premium and uncompromised food quality at competitive prices.”

“At Accel, we’re excited to partner with the Produze team to help digitize the global agri-trade. We feel Produze technology and supply chain capabilities can help improve the selection of fresh farm produce for customers at more affordable prices while compensating the producers fairly. We are very impressed and inspired by the Produze team’s commitment to the cause and their customer-centric approach,” said Mr. Pratik Agarwal, Principal, Accel.

Related: India’s Beams Fintech Fund plans to expand into UAE’s booming fintech ecosystem


YOU MAY LIKE