Pure Harvest Smart Farms, a sustainable technology-enabled agribusiness, today announced that it has secured $64.5 million in growth capital to accelerate the company’s expansion and technology development efforts. This latest financing round was led by South Korea-based private investment firm IMM Investment Corp. (IMM), together with existing investors and management.
Today, Pure Harvest operates three farms in the UAE with the company’s fourth and fifth projects under development in the Kingdom of Saudi Arabia and Kuwait, respectively. The company currently produces a variety of crops including tomatoes, leafy greens and strawberries, and is gaining widespread recognition as the trusted fresh produce brand, recognized as the GCC’s homegrown CEA (controlled environment agriculture) champion. Upon final completion of the its in-progress projects, the company will operate over 18 hectares of production capacity across numerous crops and will employ over 300 people.
The funding announcement accompanies Pure Harvest’s joint venture partnership with PlanTFarm, one of the world’s largest and most innovative vertical farming solutions providers, whereby the partners will jointly design, build and operate indoor vertical farms, deploying PlanTFarm’s cost-efficient proprietary vertical farming systems. The joint venture was motivated by IMM Investment, the largest shareholder in PlanTFarm.
This first-of-its-kind smart farming technology union enables Pure Harvest Smart Farms to serve as an “omnibus” controlled-environment solutions provider, adding new CEA growing systems to its existing portfolio (ranging from retailer-integrated in-store farms to large-scale, warehouse-style indoor vertical farms), and adds 100+ commercially proven crops. This gives rise to the broadest technology suite and results in the freshest produce product range of any smart farming solutions provider anywhere in the world.
Citigroup Global Markets acted as financial advisor and placement agent on the transaction.