Pure Harvest raises $1.75 million
Source: The National
Pure Harvest Smart Farms, a tech-enabled agribusiness that is growing fruits and vegetables in the desert outside Abu Dhabi, raised $1.75 million (Dh6.43m) in the first phase of a $20m expansion round.
The start-up, founded in October 2016, had previously raised $5.8m in what was the “Mena region’s largest-ever seed financing”, led by Shorooq Partners and the Mohammed bin Rashid Innovation Fund. The new financing was provided entirely by the company’s existing investors, founders and senior management.
On September 22, Pure Harvest will meet global debt and equity investors to formally begin institutional fund-raising. The funds will be used to invest in the research and development of new technologies, and expand production facilities in the UAE and Saudi Arabia.
“I am extremely proud of what we have accomplished in such a short time frame,” said Mahmoud Adi, co-founder and director at Pure Harvest. “Our next phase of growth is to penetrate neighbouring and regional markets including Saudi Arabia and the broader GCC."
Expansion in the kingdom is planned for 2020 and the company has already secured a local partner and land access, a Pure Harvest spokesperson said.
