Pure Harvest Smart Farms raises $50m capital in growth funding round

UAE-based ag-tech company Pure Harvest Smart Farms has secured $50m in growth funding to support its regional expansion plans.

The investment was raised through a Sukuk finance solution and the funding round was led by SHUAA Capital with Franklin Templeton and Sancta Capital as co-investors.

In January, Sancta Capital raised a growth equity of $10m.

The fresh capital infusion will be used by the company to support its capacity expansions, advance research and development activities, as well as expand its existing team.

Pure Harvest Smart Farms founder and CEO Sky Kurtz said: “We are thrilled to have secured this innovative structured financing solution that supports our aggressive growth campaign within the GCC region.

“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. Congratulations to our financing partners for this first-of-its-kind solution. We thank you for believing in us.”

Established in Abu Dhabi, Pure Harvest Smart Farms is engaged in the production of greenhouse fruits and vegetables within the Emirates region.

The company said it is completing its third hybrid greenhouse growing system in the region and has also announced a $46.5m (€39m) expansion project in Kuwait.

Once completed, the new facilities will produce a wide range of tomatoes, leafy greens and berries, with plans to continue to diversify its offering in the future.

Last year, the UAE-based company secured $23.9m in Series A financing last year.

Sancta Capital CIO Gus Chehayeb said: “Sancta Capital is proud to play an active role in Pure Harvest’s Sukuk and growth equity raises.

“The company is the region’s most advanced AgTechplayer and has built significant brand awareness, defensible intellectual property, and a top-tier management team with a large, vested interest in its success.”