UAE Agri-Tech Startup Pure Harvest Smart Farms Scores $1.75 Million Investment, Plans KSA Expansion
The funds will go towards expansion expenses, technology development and investment growth.
Pure Harvest Smart Farms, a tech-enabled agriculture startup based in Abu Dhabi announces that it successfully closed a $1.75 million growth equity financing round provided entirely by Pure Harvest’s existing investor, founders and management, including Shorooq Partners and the Mohammed bin Rashid Innovation Fund, which previously led what was once known as the MENA region’s largest-ever seed round of $5.8 million.
Proceeds from the financing round will be used to further support growth investments, research and development of new technology and fund Pure Harvest’s mission to expand further into the United Arab Emirates and the Kingdom of Saudi Arabia.
“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. Our next phase of growth is to penetrate neighboring and regional markets including Saudi Arabia and the broader GCC,” says Mahmood Adi, co-founder and director of Pure Harvest and founding partner of Shorooq Partners.
The investment falls in-line with Pure Harvest’s mission to make it possible to sustainably grow clean, delicious and affordable fresh local produce anywhere by tackling the region’s food security problem and taking advantage of technology to overcome its extreme arid climate, contributing to water shortage conversation, enabling all-year-round production of premium fresh produce and engaging in economic diversification and sustainability.
“With a full year of operations under our belt, Pure Harvest has unequivocally demonstrated the feasibility of its vision for high quality, locally sourced, year-round fresh fruit and vegetable production. Having successfully implemented the first phase of our business plan and negotiated the unique complexities of operating in this climate and market, Pure Harvest is now well-poised for an aggressive, risk-free expansion,” says David Scott, Director at Pure Harvest.
On September 22, Pure Harvest will formally launch its institutional fundraiser, meet with global debt and equity investors as part of its many phases of expansion and mission to revolutionise the agriculture sector in the Middle East.
