Red Sea Farms, Saudi Arabia and UAE AgTech startup that enables commercial farming using low energy, zero freshwater sustainable climate control, raises $18.5 million in a strategic fund raise.
The fund raise was co-led by Wa’ed and The Savola Group and witness participation from KAUST Innovation Fund, along with OlsonUbben.
The startup will use the investment for its global and regional expansion plans, including expansion of the fresh produce business in the GCC, the global expansion is focused on technology development, and productization.
“We are delighted to complete this $18.5 million fund raise and build on our impressive start to 2022. To have such esteemed investors believe in our vision is hugely validating and testament to our business model and strategy. We’re excited to continue on our mission to address the reliance on freshwater consumption in food production and improve food security with their support and guidance. The appointment of Simon Roopchand as COO and regional CEO for the Middle East is another key milestone cementing our position as an innovative market leader and maximizing our impact across the region,” Ryan Lefers, CEO of Red Sea Farms, said.
Read more: Foodics raises $170m in the largest SaaS Series C round in MENA
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