About the Agriculture Business
Pure Harvest Smart Farms is a startup company located in the United Arab Emirates (UAE) that focuses on bringing fresh, premium produce to citizens of the country year-round. Through developing specialized climate and environmental control technologies, the startup company establishes greenhouses in which the business is able to grow fresh fruits and vegetables in the desert.
Part of the mission of the farming startup is to provide high quality produce to help end food insecurity in arid climates. In addition, the business claims its technology is seven times more efficient than typical desert greenhouse farms and more than 30 times more efficient than traditional field farming.
As of now, Pure Harvest grows a variety of tomatoes in the greenhouses with hopes of expanding operations to other countries and adding other fruits and vegetable items. The Middle East is one of the largest regions affected by food insecurity. In 2019, 43 million people across 10 countries in the Middle East and South/South East Asia were in urgent assistance for food security.
Agriculture technology companies in the United States (US) and Asia have been able to secure more funding than the farming business due to the fact that the Middle Eastern venture market is less developed.
Sky Kurtz, founder and CEO of the agriculture business, said, “A lot of these companies have secured a lot more capital than we have, yet admittedly, our market need is great...We fundamentally import 80% to 90% of the fresh fruits and vegetables in this region.”
Today it was revealed the startup company was able to raise $60 million in financing to expand Middle Eastern operations.
$60 Million in Financing
Of this new financing for Pure Harvest, $50 million comes from growth financing/venture debt, and the remaining $10 million comes from a growth equity raise in January. SHUAA Capital and Sancta Capital are the lead investors for this funding round.
Kurtz said, “We are thrilled to have secured this innovative structured financing solution that supports our aggressive growth campaign within the GCC [Gulf Cooperation Council] region. We are passionate about our mission to make local-for-local production of high-quality fresh produce possible anywhere, including within the harsh climate of our home the Arabian Gulf…”
The agriculture business is soon to complete its third greenhouse growing system in the UAE, with further plans to develop greenhouse locations in Saudi Arabia and Kuwait with the new funding. In addition, the farming startup company is looking to diversify its portfolio of fruit and vegetable options.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.