PRoduce raises $1.8M in capital to boost support of small farmers
PRoduce has received a $1.8 million capital injection led by the Semillero Partners fund to improve the consumer’s shopping and food experience, while increasing support for local entrepreneurs including farmers, fishermen, coffee collectors, and artisanal producers.
The company selected Semillero Partners to lead the funding round because it is a local investment fund and because both entities share the objective of growing Puerto Rico’s food economy, said Crystal Díaz, co-founder and chief marketing and consumer experience officer at PRoduce.
The funds will be used mostly to recruit executive and business development positions, she confirmed.
PRoduce is an application that works as a digital marketplace that allows consumers to make their purchases at any time and place, from the palm of their hand, and find the largest variety of fresh and local products. The company delivers islandwide.
“PRoduce was born in 2018 due to the need to connect food producers with buyers in a convenient way. Even though the island imports 85% of what we eat, PRoduce already buys from more than 600 local producers, said Díaz.
“The more consumers join, the more opportunities we will have to grow. This capital investment allows us to accelerate our growth and position PRoduce as the leader in the best way to shop in Puerto Rico, in a more efficient and sustainable way,” she said.
PRoduce grew 1,500% during the pandemic, which officials said, “shows that the Puerto Rican consumer understands the importance of consuming a greater quantity of local products.”