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UAE's Pure Harvest Smart Farms, a tech-enabled agribusiness, has raised $20.6 million Series A financing with $10 million capital injection and secured commitments for further $100 from Wafra International Investment Company (Wafra), an investment firm owned by Kuwait state pension agency.
Pure Harvest Smart Farms plans to expand its business delivering sustainably-grown safe, delicious & affordable fresh produce throughout the GCC.
As part of the deal, which is seen as the largest-ever agriculture technology investment in the region Ghazi Al-Hajeri, CEO of Wafra, will join Pure Harvest’s Board of Directors, Pure Harvest said in a statement
The strategic investment from Wafra will drive the Pure Harvest’s development and deployment of advanced controlled-environment agriculture solutions across the region to sustainably grow premium quality fresh fruits & vegetables—regardless of outdoor climate conditions.
Sky Kurtz, Founder & CEO, Pure Harvest Smart Farms, said: “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. This visionary multi-phase investment commitment from Wafra has given us the resources needed to secure our foothold as a pioneer in controlled-environment agriculture in the Middle East."
“The Arabian Gulf food system is undergoing a monumental shift toward a technology-enabled farming model in order to meet consumer demands for affordable, high quality foods. We have earmarked $100 million to support future expansions should the company continue to perform," said Ghazi Al-Hajeri, CEO of Wafra International Investment Company.
Pure Harvest designs, builds and operates high-tech, climate-controlled greenhouse systems that convert the region’s abundant natural sunlight into premium quality, pesticide-free fresh fruits & vegetables. With core innovations in climate management solutions to maximise control of humidity and temperature, Pure Harvest has proven that it can create an optimal growing environment anywhere using substantially less water than traditional forms of agriculture, the statement said.
(Writing by Seban Scaria; Editing by Mily Chakrabarty)
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