Pure Harvest Smart Farms, a startup developing technology-enhanced greenhouses for agricultural improvements across the Middle East, has received a commitment of up to $ 100 million from Wafra, Kuwait’s national investment company.
The first fruits of that commitment are coming through in the form of a commitment from Wafra to lead Pure Harvest’s $ 20.6 million Serials A financing, the company said.
Pure Harvest first reached the international investment theatre as one of the purposes of a cohort of companionships selected to compete in TechCrunch’s Startup Battlefield MENA competition, conducted through a partnership with Facebook.
The multi-stage investment commitment, valued at over $100 million, comes from Wafra International Investment Company( a wholly-owned subsidiary of The Public Institution for Social Security) and represents the largest commitment to a regional agricultural technology companionship in the Middle East.
As a result of the investment, Ghazi Al-Hajeri, the chief executive of Wafra, will join Pure Harvest’s Board of Directors, the company said.
Pure Harvest said that the new speculation will be used to continue the development of controlled-environment agricultural facilities — like greenhouses — to cultivate pesticide-free fruits and vegetables.
“The world need for innovation in agriculture has never been greater. The recent COVID-1 9 crisis and resulting supply chain stoppages further highlight the need for sustainable local-for-local food production capacity, especially for fresh, nutrient-rich menus ,” said Sky Kurtz, the founder and chief executive of Pure Harvest Smart Farms.” Together with structured indebtednes financing that “we il be” simultaneously arranging, the authorities concerned will invest Wafra’s monies in swelling, key hires, ameliorating our engineering portfolio, and ultimately to deliver our mixture throughout the region- including in Wafra’s home market of Kuwait.”
Smart agriculture will continue to be an important area for asset as the food supply chain comes under increasing accentuates resulting from a changing climate. Desertification, shortage, inundating and wide climatic changes are putting more pressure on the global food chain, according to the United Commonwealth.
In the U.S. that’s driven investments in companies like AppHarvest, Backyard Farms, Bright Farms, Lufa Farms, Plenty and Square Seed. Plenty alone has raised $401 million for its indoor agricultural cultivation organization. In France, Agricool has over $38 million for its own indoor agriculture tech.
” Wafra’s financing comes at an exciting term and will allow Pure Harvest to achieve industrial economies of magnitude as the Company roles out its next generation of advanced greenhouse motifs optimized for profitability and sustainability within the MENA region ,” said David Scott, Pure Harvest’s chairman, in a statement.” This investment too displays the caliber and far-sighted acumen of Wafra’s leader, whose actions have placed their society on the self-righteous side of the seductive macro tendencies driving explosive raise in technology-enabled agriculture in this region and beyond .”
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