UAE-based Pure Harvest Smart Farms raises $60m in new funding round

UAE-based agritech company Pure Harvest Smart Farms has raised $60m as part of a new funding round.

Shuaa Capital led a $50m structured sukuk for Pure Harvest co-investing with Franklin Templeton and Sancta Capital, among others, in Pure Harvest through its managed funds as part of this funding round.

Pure Harvest also raised $10m in growth equity.

A statement issued by Shuaa said that this is the first time in the region that an early-stage business has been able to secure venture debt funding from capital markets.

Pure Harvest will soon complete its second high-tech hybrid greenhouse growing system within the UAE. It is currently constructing its beachhead in Saudi Arabia, and has announced a further EUR39m expansion project in Kuwait.

Read: UAE’s Pure Harvest to open $30m facility in Kuwait to supply retailer Sultan Center

Upon completion of its new projects, the company will produce a variety of tomatoes, leafy greens, and berries, with plans to continue to diversify its offering in the future.

Natasha Hannoun, who led the transaction for Shuaa, said: “We witnessed Pure Harvest Smart Farms’ leadership in AgTech, the strength of the team, and its proven ability to execute, giving us the confidence that Pure Harvest Smart has significant growth potential as it seeks to address the need for food security within the Gulf and wider region.

Read: Special focus: How the UAE is leading the charge in food security

“We are delighted that Shuaa has been able to deliver this innovative and highly complex structured financing solution for Pure Harvest Smart Farms in another regional first. This funding will help the company to scale into a major regional player in controlled-environment agriculture.”

Shuaa’s investment in Pure Harvest Smart Farms follows the recent announcement that another Shuaa technology investment, Anghami, will become the first Arab technology company to list on NASDAQ via a merger with Vistas Media Acquisition Company.

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