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Social Leverage Investment Updates - Birdwatch and Produce Pay
Howard Lindzon
February 06, 2024
Good morning everyone…
Ellen and I attended a real fun wedding on Sunday and I wore a tie which made Ellen smile. From that angle my hair looks very acceptable…
Onward…
A brief update on a couple Social Leverage companies, ProducePay (Fund II) and Birdwatch, a new Fund IV investment.
Back in 2015, we were investors in ProducePay’s Seed round. Just yesterday they announced that they raised a $38 Million Series D.
It’s been fun to watch to watch the team succeed and grow over the years and we’re excited to see what’s to come in the future.
You can read about the latest fundraise which was covered here in TechCrunch. The gist of the business and the round…
ProducePay’s business — taking a cut of every transaction through its platform — has proven to be quite lucrative, with revenue increasing 76% last year compared to 2022. Trade volume on the platform is up by almost 3x, according to McCullough, while transaction volume is on track to reach $2 billion by late 2023.
Today, ProducePay announced that it raised $38 million in a Series D round led by Syngenta Group Ventures, with participation from Commonfund and Highgate Private Equity, G2 Venture Partners, Anterra Capital, Astanor Ventures, Endeavor8, Avenue Venture Opportunities, Avenue Sustainable Solutions and Red Bear Angels. The new capital, which brings ProducePay’s total raised to $136 million, will be put toward supporting the company’s expansion into Europe, Asia, Africa and Australia and growing ProducePay’s team of ~300 full-time employees.
“Even though many industries have presented a slowdown, fresh produce will always be indispensable and continues to grow as consumers demand healthier food choices,” McCullough said. “We saw it through the pandemic and continue to see that upgoing trend.”
Next up…
Social Leverage is excited to announce our latest investment in Birdwatch which we led and were joined by Starting Line, Berger Investments, FJ Labs, Path VC, and others.
Birdwatch is a home service startup that is building the “Easy Button” for your home.
“From lighting, to leaks, to locks, maintenance is for the birds.” - Birdwatch takes care of all the tedious tasks involved in up keeping your home.
My partner Gary is leading and taking a board seat. He wrote about it here.
If you happen to be in either Philadelphia or DC, use the discount code “leverage” which offers 25% off of the membership price for a year (a saving of $237 during the year) and can be used on the payments page. Try it out here and let me know what you think.
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