February 24, 2024

Pure Harvest Sensible Farms secures USD $180.5 million from international buyers to fund growth

Pure Harvest Sensible Farms (Pure Harvest), a world-leading, sustainable technology-enabled agribusiness headquartered within the United Arab Emirates, raised USD $180.5 million of their newest progress funding spherical. The financing was embraced by a consortium of key international buyers, together with Metric Capital Companions, UK, IMM Funding Corp, Korea, and Olayan Group, KSA, joined by a number of present buyers and administration.

The corporate will make the most of the capital, along with numerous types of debt financing, to spend money on analysis and growth, to increase its footprint throughout the GCC, and to open new markets in Asia.

This represents the largest-ever convertible financing within the MEASA area. The funding spherical was vastly oversubscribed, and some strategic buyers are nonetheless in discussions for additional upsizing, underscoring the robust institutional investor urge for food for Pure Harvest.  The expansion capital cements Pure Harvest’s position because the MEASA area’s champion throughout the fast-emerging, international high-tech agriculture ecosystem.

Sky Kurtz, Co-Founder and CEO at Pure Harvest Sensible Farms, stated: “We’re humbled by this funding from an esteemed group of worldwide buyers, backing our mission: to harness the wonders of science, the facility of nature, and the passions of individuals to supply tasty, reasonably priced, sustainably-grown contemporary produce wherever.  At Pure Harvest we’ve demonstrated we will reliably deploy our high-tech farming options throughout the GCC.  Now it’s time to enter new markets that share related challenges to our personal – fast-growing populations, seasonal import-dependence, and an consciousness of the crippling results that short-term crises (e.g. COVID-19, Russia-Ukraine battle), and local weather change, are having on our international meals system. The way forward for farming is right here… now, we’ve the assets to convey our answer to the world.”

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Metric Capital Companions, the London headquartered, pan-European non-public fairness investor offering capital options to mid-sized firms throughout all kinds of industries, was a co-lead investor. Bjørn Tessiore, Companion at Metric Capital Companions stated: “We’re delighted to assist the continued progress of Pure Harvest. It’s clear that controlled-environment agriculture is turning into more and more vital as an answer to meals safety points whereas additionally mitigating the environmental affect of meals manufacturing. We consider Pure Harvest is extraordinarily effectively positioned to thrive on this rising market pushed by its glorious workforce, progressive strategy, and confirmed observe report of constructing and working at scale in a area characterised by tough weather conditions for agriculture.”

Commenting for IMM Funding Corp, the main different funding agency in Korea, who introduced an preliminary USD $50 million funding in Pure Harvest in October, Hyun-Chan Cho, Companion at IMM commented: “Attributable to our longstanding profitable funding in Farm8 (PlanTFarm), we knew the CEA area effectively.  With Pure Harvest, we noticed a complementary answer that permit us double-down on an funding thesis that we proceed to consider in, and that tangibly contributes to international meals safety, water conservation, financial diversification, and sustainability goals.  We’re proud to actively assist Pure Harvest because it brings its answer to Asian markets.”

The Olayan Financing Firm, a Saudi firm holding and managing the Olayan Group’s Center Japanese property, was one other key investor on this spherical of fundraising. A spokesperson for the corporate, mentioned their latest funding: “Pure Harvest’s character aligns intently to our personal: they noticed an impending international meals safety disaster and have taken an vital step to unravel it.  The local weather and water challenges Pure Harvest works to beat is important to the worldwide economic system.  Pure Harvest has confirmed its capacity to ship extremely high-quality, protected, sustainable merchandise at reasonably priced costs, and so they’ve proven an openness to associate with others to attain their mission.  I consider this funding will permit them to unleash important potential, and to fulfill rising meals calls for in lots of new markets.  We’re happy to be becoming a member of the corporate at this essential level of their journey, transitioning from a regional chief to a world one.”

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