Investors show confidence in the company's tech to provide sustainable food security to the UAE
An historic seed investment of $4.5 million has been secured by tech-enabled arid climate agribusiness Pure Harvest Smart Farms, based in Abu Dhabi.
The financing round was significantly oversubscribed and follows an earlier $1.1 million pre-seed round led by Abu Dhabi-based Shorooq Investments.
The company offers an encouraging food security solution for the region by deploying advanced and sustainable controlled-environment agriculture technologies. These technologies enable premium quality local fresh fruits and vegetables to be grown all year-round, overcoming the region’s harsh, arid climate and increasingly scarce fresh water resources.
Venture financing was provided by a leading federal government-backed fund, the company’s technology partners and a consortium of angel investors from around the world.
The seed funding will be used for the construction of Pure Harvest’s inaugural high-tech, fully climate controlled greenhouse facility in Nahel, in the UAE. The Company expects to complete the facility by mid-year and to begin selling its products in the second half of 2018.
Following the demonstration of its technology and its ability to serve the fast-growing demand for fresh local produce, Pure Harvest intends to quickly expand in the region, recognising that other GCC countries are facing the same challenges that the UAE faces with regards to import-dependence, water shortages, and climate-driven production constraints.