We show you our most important and recent visitors news details Pure Harvest raises of $100 million in the following article
Hind Al Soulia - Riyadh - Pure Harvest Smart Farms, a tech-enabled agribusiness startup, has secured a multi-stage investment commitment of over $100 million from Wafra International Investment Company (“Wafra”)
To date, this is the largest ever ag-tech investment in the MENAPT region, the company said in a press release on Thursday, adding that Ghazi Al-Hajeri, CEO of Wafra, will be onboard Pure Harvest’s Board of Directors.
“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. 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,” said Sky Kurtz, Founder & CEO, Pure Harvest Smart Farms.
The investment from Wafra will help the company to take advantage of the technologically advanced agriculture solutions to continue to sustainably grow high-quality produce inside data-driven, climate-controlled facilities,” the press release stated.
“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. When you combine the local abundance of sunlight with energy & water-efficient climate management systems, the region makes a compelling case as one of the best places in the world for horticulture – a ‘contrarian’ thesis we believe in and that led us to invest in Pure Harvest. We have earmarked USD $100 million to support future expansions should the company continue to perform. We look forward to working alongside Pure Harvest to enhance food security, water conservation and economic diversification by building a more sustainable food future for Kuwait and our entire region,” said Ghazi Al-Hajeri, CEO of Wafra International Investment Company.
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