Pure Harvest Smart Farms Secures $180.5 Million In Growth Funding Round 

Pure Harvest Smart Farms (Pure Harvest), a world-leading, sustainable technology-enabled agribusiness headquartered in the United Arab Emirates, raised $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 utilise 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. 

Commenting for IMM Investment Corp, the leading alternative investment firm in Korea, who announced an initial $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 (controlled-environment agriculture) 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 company holding and managing the Olayan Group’s Middle Eastern assets, was another key investor in this round of fundraising. 

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.