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BUSINESS

Pure Harvest Smart Farms secures US$180.5 million in latest growth funding round

01/07/2022 03:46 PM

KUALA LUMPUR, July 1 (Bernama) -- Pure Harvest Smart Farms (Pure Harvest), a world-leading, sustainable technology-enabled agribusiness headquartered in the United Arab Emirates, has raised US$180.5 million in their latest growth funding round. (US$1 = RM4.406)

The financing was embraced by a consortium of key global investors, including Metric Capital Partners, UK, IMM Investment Corp, Korea, and Olayan Group, KSA, joined by several existing investors and management.

Co-Founder and CEO at Pure Harvest Smart Farms, Sky Kurtz said: “We are humbled by this investment from an esteemed group of global investors, backing our mission: to harness the wonders of science, the power of nature, and the passions of people to provide tasty, affordable, sustainably-grown fresh produce anywhere.”

According to a statement, the company will utilise the capital, together with various forms of debt financing, to invest in research and development, expand its footprint across the GCC, and open new markets in Asia.

This represents the largest-ever convertible financing in the MEASA region. The funding round was vastly oversubscribed, and a few strategic investors are still in discussions for further upsizing, underscoring the strong institutional investor appetite for Pure Harvest.

The growth capital cements Pure Harvest’s role as the MEASA region’s champion within the fast-emerging, global high-tech agriculture ecosystem.

This latest round of fundraising cements Pure Harvest’s leadership position as the pioneer in CEA in harsh climates.

This fundraise, together with the sizable research and development incentives secured from the Abu Dhabi Investment Office in 2020, will allow Pure Harvest to accelerate its growth plans, deploying growing systems in new markets and increasing research and development investments. 

The company is also investigating a number of new growth initiatives, including product extensions and water-efficient CEA solutions for fodder production.

-- BERNAMA


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