UAE-based agtech gets commitment to receive US$ 100mn
Pure Harvest, an Abu Dhabi-based agtech (agricultural technology) business, has secured a US$ 100mn multi-stage investment commitment from Wafra, a Kuwaiti investment firm with approximately US$ 6bn of assets under its management, the Abu-Dhabi-based startup announced recently in a statement.
Founded in 2016 by Sky Kurtz, Mahmoud Adi, and Robert Kupstas, Pure Harvest focuses on the production of greenhouse fruits and vegetables in the challenging climates of Gulf region using Dutch greenhouse growing technologies. Its first technology-enabled greenhouse in Abu Dhabi’s desert produces tomatoes year-round.
According to the company Pure Harvest designs, builds and operates high-tech, climate-controlled greenhouse systems that convert the region’s abundant natural sunlight into premium quality, pesticide-free fresh fruits & vegetables.
“With core innovations in climate management solutions to maximize control of humidity and temperature, Pure Harvest has proven that it can create an optimal growing environment anywhere using substantially less water than traditional forms of agriculture,” the startup stated in a press statement.
The strategic investment which is the largest-ever secured by an agtech business in the region will drive Pure Harvest’s development and deployment of advanced controlled-environment agriculture solutions across the region to sustainably grow premium quality fresh fruits & vegetables—regardless of outdoor climate conditions.
“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,” noted Kurtz.
Ghazi Al-Hajeri, CEO, Wafra, will join Pure Harvest’s Board of Directors. “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 noted.
