Wafra lead the Pure Harvest Smart Farm’s $20.6 million Series A funding round with an initial $10 million capital injection. This is the first step in a multi-phase regional expansion to deliver sustainably grown affordable fresh produce throughout the GCC.
Pure Harvest Smart Farms, an agri-tech startup, announced that it secured a multi-stage investment commitment valued at over $100 million. Sky Kurtz and Robert Kupstas founded Pure Harvest in 2016. The UAE-based startup is developing technology-enhanced greenhouses for agricultural developments across the Middle East. Its technology allows fruits and vegetables to be grown in a coconut shaving solution without the need for fertilizers and pesticides. It significantly reduces the amount of water used in comparison to traditional forms of agriculture.
This visionary multi-phase investment commitment from Wafra has given us the resources needed to secure our foothold as a pioneer in controlled-environment agriculture in the Middle East.Sky Kurtz, Founder & CEO, Pure Harvest Smart Farms
Wafra International Investment Company (“Wafra”), a wholly owned subsidiary of The Public Institution for Social Security, lead the round. The Kuwait shareholding company made the largest-ever agriculture technology investment in the MENA region. Additionally, Ghazi Al-Hajeri, CEO of Wafra, will join Pure Harvest’s Board of Directors.
“The global need for innovation in agriculture has never been greater. The recent COVID-19 crisis and resulting supply chain disruptions further highlight the need for sustainable local-for-local food production capacity, especially for fresh, nutrient-rich foods. This visionary multi-phase investment commitment from Wafra has given us the resources needed to secure our foothold as a pioneer in controlled-environment agriculture in the Middle East. Together with structured debt financing that we are simultaneously arranging, we will invest Wafra’s funds in growth, key hires, enhancing our technology portfolio, and ultimately to deliver our solution across the region – including in Wafra’s home market of Kuwait.” said Sky Kurtz, Founder & CEO, Pure Harvest Smart Farms.
“Wafra’s investment into Pure Harvest acknowledges the significant potential of controlled-environment agriculture in solving the food security challenges facing the Arabian Gulf region, including Kuwait.”Ghazi Al-Hajeri, CEO, Wafra International Investment Company
“Wafra’s investment into Pure Harvest acknowledges the significant potential of controlled-environment agriculture in solving the food security challenges facing the Arabian Gulf region, including Kuwait” Ghazi Al-Hajeri, CEO of Wafra International Investment Company said. “The Arabian Gulf food system is undergoing a monumental shift toward a technology-enabled farming model in order to meet consumer demands for affordable, high quality foods” he adds.
Concerning the investment, he states “we have earmarked $100 million to support future expansions should the company continue to perform. We look forward to working alongside Pure Harvest to enhance food security, water conservation and economic diversification by building a more sustainable food future for Kuwait and our entire region,” said Al-Hajeri.
Wafra is an asset management firm with assets under management of approximately $6 billion across a variety of investment strategies.
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