Pure Harvest Smart Farms announced today that it has successfully raised $1.75 million in funding in the first phase of a $20 million institutional round to accelerate expansion.
This move comes after the Abu-Dhabi-based technology-enabled agribusiness raised $5.8 million in what was the largest-ever Seed financing in the MENA region, led by Shorooq Partners and the Mohammed bin Rashid Innovation Fund.
The company’s existing founders, investors and senior management entirely provided the new financing.
As Pure Harvest continues to tackle the region’s food security problem in arid climates and focus on year-round production of high-quality, locally sourced fresh fruits and vegetables, proceeds from the financing will be used to invest in new technologies and fund its expansion in the UAE and Saudi Arabia.
Pure Harvest will meet up with equity investors and global debt and will formally launch its institutional fundraiser on September 22.
“I am extremely proud of what we have accomplished in such a short timeframe. We are blessed in the UAE to have an abundance of sunlight that today, using Pure Harvest’s advanced growing system, can turn that light into high quality, homegrown fresh produce,” said Mahmoud Adi, Co-founder & Director at Pure Harvest and Founding Partner of Shorooq Partners.
“Our next phase of growth is to penetrate neighboring and regional markets including Saudi Arabia and the broader GCC."
According to the UAE Ministry For Food Security, the country currently imports 90% of its food and is looking to increase local food production by 40%. Pure Harvest is committed making fresh and sustainably-grown produce year-round with its controlled, high-tech greenhouses.
Co-founded Sky Kurtz, Mahmoud Adi and Robert Kupstas, Pure Harvest Smart Farms want to become a regional innovator in sustainable agriculture.
The local company is slated to participate in the annual Future Investment Initiative (FII) hosted by the Public Investment Fund of Saudi Arabia (PIF) on October 29 to 31 in Riyadh, Saudi Arabia, where it will share insights on how to tackle food security concerns in the Middle East as well as explores trends and opportunities in the food industry.