Zawya | 24 September 2024UAE-based agtech to raise at least $100mln by year-end – report
UAE-based agtech Pure Harvest Smart Farms is seeking to raise at least $100 million by the end of the year, according to a report.
New website Semafor cited founder and CEO Sky Kurtz, who said the company will raise at least that amount as it expands into Singapore, Morocco and Kuwait and creates a separate entity from its current Saudi operation.
Pure Farms operates greenhouse-based farms in the UAE and Saudi Arabia using methods, which it says offer greater water efficiency than traditional desert farms and allow residents to consume locally grown fruit and vegetables from year-round growth and harvests.
The fundraising, for which Rothschild & Co is reportedly an advisor, will be followed by the construction of a new farm in Morocco, the report said.
Pure Harvest announced in December that it was acquiring the operations of Saudi-based agtech Red Sea.
The company announced an $180 million funding round in 2022.
