- Funding takes total capital raised to-date to $387.1 million, fortifying the company’s position among the best-funded startups in the MEASA region.
- Ambitious growth plan includes high-tech hybrid smart farms across the GCC and Asia.
- A diverse, global investor base supports Pure Harvest’s mission to democratize access to high-quality, sustainably-grown, fresh fruits and vegetables.
ABU DHABI, June 30, 2022: Pure Harvest Smart Farms (Pure Harvest), a world-leading, sustainable technology-enabled agribusiness headquartered in the United Arab Emirates, raised USD $180.5 million in their latest growth funding round. 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. The company will utilize the capital, together with various forms of debt financing, to invest in research and development, to expand its footprint across the GCC, and to 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.
Sky Kurtz, Co-Founder and CEO at Pure Harvest Smart Farms, 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. At Pure Harvest we have demonstrated we can reliably deploy our high-tech farming solutions across the GCC. Now it is time to enter new markets that share similar challenges to our own – fast-growing populations, seasonal import-dependence, and an awareness of the crippling effects that short-term crises (e.g. COVID-19, Russia-Ukraine conflict), and climate change, are having on our global food system. The future of farming is here… now, we have the resources to bring our solution to the world.”
Metric Capital Partners, the London headquartered, pan-European private equity investor providing capital solutions to mid-sized companies across a wide variety of industries, was a co-lead investor. Bjørn Tessiore, Partner at Metric Capital Partners said: “We are delighted to support the continued growth of Pure Harvest. It’s clear that controlled-environment agriculture is becoming increasingly important as a solution to food security issues while also mitigating the environmental impact of food production. We believe Pure Harvest is extremely well positioned to thrive in this growing market driven by its excellent team, innovative approach, and proven track record of building and operating at scale in a region characterized by difficult climatic conditions for agriculture.”
Commenting for IMM Investment Corp, the leading alternative investment firm in Korea, who announced an initial USD $50 million investment in Pure Harvest in October, Hyun-Chan Cho, Partner at IMM commented: “Due to our longstanding successful investment in Farm8 (PlanTFarm), we knew the CEA space well. With Pure Harvest, we saw a complementary solution that let us double-down on an investment thesis that we continue to believe in, and that tangibly contributes to global food security, water conservation, economic diversification, and sustainability objectives. We are proud to actively support Pure Harvest as it brings its solution to Asian markets.”
The Olayan Financing Company, a Saudi based conglomerate with an actively managed portfolio of investments, was another key investor in this round of fundraising. A spokesperson from the company, discussed their recent investment: “Pure Harvest’s character aligns closely to our own: they saw an impending global food security crisis and had the courage to take the first step to solve it. The climate and water challenges Pure Harvest works to overcome is vital to the global economy. Pure Harvest has proven its ability to deliver incredibly high-quality, safe, sustainable products at affordable prices, and they’ve shown an openness to partner with others to achieve their mission. I believe this funding will allow them to unleash significant potential, and to meet growing food demands in many new markets. We are pleased to be joining the company at this critical point in their journey, transitioning from a regional leader to a global one.”
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.
Citigroup served as exclusive financial advisor to Pure Harvest.
This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.
About Pure Harvest Smart Farms
Pure Harvest Smart Farms is a mission-driven technology-enabled agribusiness headquartered in the United Arab Emirates, focused on year-round, sustainable production of premium-quality fresh fruits and vegetables. As innovators of the Middle East’s first commercial-scale, semi-automated high-tech hybrid growing system, Pure Harvest leverages innovative growing technologies and horticultural best practices to enable local-for-local production of affordable, sustainably-grown, clean fresh produce anywhere. Pure Harvest is pioneering controlled-environment agriculture (CEA) in the MEASA region, harnessing technology to tackle some of the region’s biggest problems, including food security, water conservation, economic diversification, and sustainability needs. For more information, please visit www.pureharvest.ae
About Metric Capital Partners
Metric Capital Partners is an independent private capital group that provides bespoke capital solutions to enable the ambitions of its portfolio companies. Metric Capital Partners is headquartered in London with offices in Paris, Madrid, Munich, Stockholm and Luxembourg. Metric Capital Partners has raised in excess of €2.6bn of capital over four funds since its inception in 2012.
First founded as a venture capital firm in 1999, IMM Investment has since become one of leading multi-asset alternative investment firms in Asia with $5.4 billion of assets under management across three business segments (venture capital, growth equity and infrastructure). IMM Investment aims to provide multi-stage investments to innovative entrepreneurs and support them throughout different stages of growth. Our investments range from $ 1 million of seed capital to over $ 1 billion growth equity / infrastructure capital.
A diverse and highly experienced team of 70+ investment professionals across three offices (Seoul, Tokyo, and Hong Kong) collaborate to drive positive changes and generate superior risk-adjusted returns across various market environments.
The Olayan Group is a multinational enterprise with an actively managed portfolio of global investments. The Group’s primary parent company is headquartered in Vaduz, Liechtenstein. The Group also has international offices in New York, London, Luxembourg, Vienna, Athens, and Singapore. The Olayan
Financing Company, the Group’s parent for MENA investments and operations is headquartered in Riyadh, Saudi Arabia. www.olayan.com