Red Sea Farms, a Saudi-based AgriTech startup, has secured $10 million in venture capital funding led by a variety of UAE and Saudi investors. The raised funds will be funnelled into the startup’s development of commercial farming lands in Saudi Arabia, and expanding operations to the UAE.
The startup, founded in 2018, has gained its notoriety by using its technology to utilise salt water to the commercial farming of produce. Aiding in the creation of farming solutions that bolster the GCC’s agriculture, as well as equip it for any global supply chain shortages and crises such as pandemics.
GCC countries, whose 90% of their food supply rely on imports, have actively avoided mass food shortages during the COVID-19 crisis. Most of the challenges posed are lack of farming resources due to arid soil and scarce freshwater. Red Sea Farms grows produce in controlled facilities that swaps out freshwater for saltwater to cool greenhouses and irrigate crops.
The Saudi-born startup is looking to expand its patented system to operate between four to eight farming sites across Saudi Arabia, as well as Abu Dhabi. “We are proud to have designed, developed and delivered one of the world’s most sustainable agricultural systems from our base in Saudi Arabia,” said Ryan Lefers, co-founder of Red Sea Farms.
“The investment from our new partners will help us improve global food security while reducing the carbon and fresh-water footprint,” Lefers added.
Some of the notable investors backing the startup include Dubai’s Global Ventures, Saudi Aramco’s entrepreneurship arm Wa’ed, the King Abdullah University for Science and the Future Investment Initiative Institute. This recent investment totals Red Sea Farms’ raised funds to $11.9 million.
For more of WAYA’s AgriTech coverage, check out the stories below:
- Hydroponic Farming: An Ancient Solution to a New Problem
- Abu Dhabi Investment Office Injects $1 Million in Agritech Industry
- Pure Harvest Smart Farms Raises $20.6 Million Series A Funding
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