Saudi Agritech Red Sea Farms Raises $10M in Pre-Series A Funding
With technology that can cut freshwater consumption by up to 90 percent, the company seeks to help improve regional and global food security.
Saudi-based agricultural startup Red Sea Farms has raised $10 million worth of investments in a pre-series A funding round led by venture capital (VC) firm Wa’ed, the Future Investment Initiative Institute, the King Abdullah University of Science and Technology (KAUST), and VC Global Ventures.
The agricultural technology company founded in 2018 by Ryan Lefers and Mark Tester offers a patented system of solar technologies that uses saltwater as an alternative to the freshwater typically at work to cool greenhouses and irrigate crops. The technology is a central part of the company’s wider vision to combat food insecurity--as well as carbon and freshwater use--both globally and within Gulf food industries.
Following the funding round, Lefers said “we are proud to have designed, developed and delivered one of the world’s most sustainable agricultural systems from our base in Saudi Arabia. The investment from our new partners will help us improve global food security while reducing the carbon and fresh-water footprint.”
Red Sea Farms intends on using the investment funds to build and overhaul commercial farming operations across land areas of over six hectares in central and western Saudi Arabia and in Abu Dhabi.
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