Pure Harvest Smart Farms secures USD $180.5 million from global investors
UAE-based sustainable agribusiness, Pure Harvest Smart Farms (Pure Harvest) has raised USD $180.5 million in their latest growth funding round. The company will utilize the capital, together with various forms of debt financing, to invest in research and development, to expand its footprint across the GCC, and to open new markets in Asia. The growth capital cements Pure Harvest’s role as the MEASA (Middle East, Africa and South Asia) region’s champion within the fast-emerging, global high-tech agriculture ecosystem.
The financing was embraced by a consortium of key global investors, including the Olayan Group from Saudi Arabia, representing the largest-ever convertible financing in the MEASA region. Citigroup served as exclusive financial advisor.
Sky Kurtz, Co-Founder and CEO at Pure Harvest Smart Farms, said: “We are humbled by this investment from an esteemed group of global investors, backing our mission - to harness the wonders of science, the power of nature, and the passions of people to provide tasty, affordable, sustainably-grown fresh produce anywhere. We have demonstrated we can reliably deploy our high-tech farming solutions across the GCC. Now it is time to enter new markets that share similar challenges to our own in the global food system – fast-growing populations, seasonal import-dependence, and an awareness of the crippling effects of short-term crises, and climate change. The future of farming is here now.”
The Olayan Financing Company, a Saudi company holding and managing the Olayan Group’s Middle Eastern assets, was one of the key investors in this round of fundraising. A spokesperson for the company, discussed their recent investment and said, “Pure Harvest’s character aligns closely to our own: they saw an impending global food security crisis and have taken an important step to solve it. The climate and water challenges Pure Harvest works to overcome is vital to the global economy. Pure Harvest has proven its ability to deliver incredibly high-quality, safe, sustainable products at affordable prices, and they’ve shown an openness to partner with others to achieve their mission. I believe this funding will allow them to unleash significant potential, and to meet growing food demands in many new markets.”
This latest round of fundraising cements Pure Harvest’s leadership position as the pioneer in CEA in harsh climates. This fundraise, together with the sizable research and development incentives secured from the Abu Dhabi Investment Office in 2020, will allow Pure Harvest to accelerate its growth plans, deploying growing systems in new markets and increasing research and development investments. The company is also investigating a number of new growth initiatives, including product extensions and water-efficient CEA solutions for fodder production.