UAE-based Pure Harvest raises $50m for agtech expansion plans

UAE-based agtech company Pure Harvest Smart Farms has secured $50 million in funding to support its expansion and enhance food security in the region.

The funding comes on the heels of a $10 million equity raise led by Sancta Capital in January.

The capital was raised through a structured sukuk finance solution – led by Shuaa Capital with Franklin Templeton and Sancta Capital co-investing – which reflects the demand for Islamic and green investments.

Founded in Abu Dhabi, Pure Harvest is focused on the production of greenhouse fruits and vegetables in the challenging climates of the Arab Gulf region using Dutch greenhouse growing technologies. The company was established on the basis that the region needs local, sustainable food sources.

Pure Harvest is nearing completion of its third hybrid greenhouse growing system within the Emirates and has also announced a €39 million expansion project in Kuwait.

Upon completion of its new projects, the company will produce a variety of tomatoes, leafy greens and berries, with plans to diversity its offering in the future.

The capital will be used to support Pure Harvest’s capacity expansion plans, build its team, advance research and development activities, as well as facilitate new market entry.

Sky Kurtz, founder and CEO at Pure Harvest Smart Farms, 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.

“World events like the Covid pandemic highlight the critical need for homegrown food solutions to reduce our reliance upon international supply chains. This type of financing underscores the innovation occurring within the region’s venture capital markets.”

Natasha Hannoun from SHUAA said: “We witnessed Pure Harvest Smart Farms’ leadership in agriculture technology, the strength of the team and its proven ability to execute, giving us the confidence that Pure Harvest has significant growth potential as it seeks to address the need for food security within the Gulf and wider region.”

The funding also comes after the company secured $23.9 million in Series A financing last year.