The company which focuses on smart, controlled-environment farming plans to further innovate agriculture techniques in the arid GCC area, as this deal by Wafra marks the largest ever AgriTech investment in the MENA region.
Tech-enabled from the off-set, Abu Dhabi-based Pure Harvest has been making headlines for a while now, thanks to its unique high-tech greenhouses, the produce of which is already filling the aisles at supermarkets and being used by chefs at fancy restaurants.
Today, Kuwait’s national investment company, Wafra, has announced a commitment of $100 million to the startup that’s been designed to tackle the GCC’s lack of fertile land but can certainly expand across the world as climate change puts more pressure on the global food chain.
“The global need for innovation in agriculture has never been greater. The recent COVID-19 crisis and resulting supply chain disruptions further highlight the need for sustainable local-for-local food production capacity, especially for fresh, nutrient-rich foods,” says Sky Kurtz, the founder and chief executive of Pure Harvest Smart Farms, in a press release. “Together with structured debt financing that we are simultaneously arranging, we will invest Wafra’s funds in growth, key hires, enhancing our technology portfolio, and ultimately to deliver our solution across the region – including in Wafra’s home market of Kuwait.”
The investment from Wafra will be put into development and deployment of advanced controlled-environment agriculture solutions across the region to sustainably grow premium quality fresh fruits and vegetables, through high-tech, climate-controlled greenhouse systems that convert the region’s abundant natural sunlight into premium quality, pesticide-free fresh fruits and vegetables.
“Wafra’s investment into Pure Harvest acknowledges the significant potential of controlled-environment agriculture in solving the food security challenges facing the Arabian Gulf region, including Kuwait" says Ghazi Al-Hajeri, CEO of Wafra International Investment Company, who will be joining Pure Harvest’s Board of Directors.
Sign up for the daily Startup Digest.