Pure Harvest Smart Farms, today announced that it has secured US $ 64.5 million growth capital to accelerate the company’s expansion and technology development efforts. This latest round of funding was led by Korea’s leading private investment firm, IMM Investment, in collaboration with existing investors and executives.
Sky Kurtz, Founder and CEO, commenting on the announcement, said: “We are delighted to welcome IMM as the latest global institutional investor to fund our mission. This is historic funding for Pure Harvest for two reasons: first, IMM is one of Asia’s most respected and successful alternative investors, which is testament to the strength of our investment case; and second, the company is a long-time investor in controlled environment agriculture (CEA) through serial investments in Farm8 and PlanTFarm, Korea’s leading agribusiness and vertical farming companies. They understand the market opportunity and the merits of our solutions, and IMM will bring tremendous value in supporting our expansion in Asia. Most importantly, we share the same values and vision to build a more resilient and sustainable food system for the world, meet the challenges of food security and locate food production anywhere, even in the most climatic environments. difficult. We are proud to partner with IMM and welcome IMM partner Hyun-Chan Cho, Former Director of Infrastructure and Natural Resources, Asia-Pacific, at International Finance Corporation (a member of the World Bank Group) within our board of directors. . “
The funding announcement accompanies Pure Harvest’s joint venture partnership with PlanTFarm, one of the world’s largest and most innovative vertical farming solutions providers, under which the partners will jointly design, build and operate indoor vertical farms, deploying PlanTFarm’s proprietary and cost-effective vertical farming systems. The joint venture was motivated by IMM Investment, the main shareholder of PlanTFarm.
Citigroup Global Markets acted as financial advisor and placement agent in connection with the transaction.