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UAE-based agtech firm Pure Harvest Smart Farms (Pure Harvest), which provides and operates indoor farming systems, has raised $180.5 million from foreign investors to fund its expansion in the Gulf region and Asia.
The new capital brings the total financing raised by the company to date to $387.1 million, making Pure Harvest one of the best-funded start-ups in the Middle East, Africa and South Asia (MEASA) region, according to a statement on Thursday.
The latest funding round is led by private equity firm Metric Capital Partners in the UK, alternative investment company IMM Investment Corp. in Korea and investment firm Olayan Group in Saudi Arabia.
The capital will be utilised to fund research and development and expand Pure Harvest’s footprint across the GCC and open new markets in Asia.
The company is looking to expand in markets that face several challenges like fast-growing population, seasonal import-dependence and climate change, among others.
“Now it is time to enter new markets that share similar challenges to our own,” said Sky Kurtz, Co-Founder and CEO at Pure Harvest Smart Farms.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
