The innovative agritech startup will channel the funding into its ambitious regional expansion plans.
UAE-based agritech startup, Pure Harvest Smart Farms, has secured $50 million in growth funding through a Sharia-compliant finance solution led by SHUAA Capital. Shortly before this, in January 2021, Pure Harvest Smart Farms had received a growth equity raise of $10 million led by Sanctuary Capital, raising its total growth funding to $60 million, which it intends to channel into regional growth plans.
"We are thrilled to have secured this innovative structured financing solution that supports our aggressive growth campaign within the GCC region," Founder and CEO of Pure Harvest Smart Farms Sky Kurtz said. "We are passionate about our mission to make local-for-local production of high-quality fresh produce possible anywhere, including within the harsh climate of our home the Arabian Gulf."
In pursuit of that mission, Pure Harvest will soon complete construction of a third hybrid greenhouse growing system in the Emirates, a beachhead in Saudi Arabia, and an expansion into Kuwait at a cost of $39 million. Through sustainable projects like these, Pure Harvest have been able to utilize the region's abundant sunlight and land to produce tomatoes, berries and leafy greens, and bring them to local consumers while they're still fresh.
Learn more about Pure Harvest Smart Farms here.
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