Pure Harvest Smart Farms secures US$180.5 million from global investors to fund expansion

Abu Dhabi, United Arab Emirates–(BUSINESS WIRE)–Pure Harvest Smart Farms (Pure Harvest), a global leader in sustainable technology-based agribusiness, headquartered in the United Arab Emirates, raised $180.5 million in its latest growth funding cycle. The funding was adopted by a consortium of key global investors including Metric Capital Partners, UK, IMM Investment Corp, Korea, and Olayan Group, KSA, joined by several existing investors and executives. The company will use the capital, along with various forms of debt financing, to invest in research and development, expand its presence in the GCC and open new markets in Asia.

This is the largest convertible financing ever in the MEASA region. The funding round was heavily oversubscribed and a few strategic investors are still in talks for a further size increase, underscoring the strong institutional investor appetite for Pure Harvest. The growth capital cements Pure Harvest’s role as the champion of the MEASA region within the rapidly emerging global high-tech agricultural ecosystem.

Sky Kurtz, co-founder and CEO of Pure Harvest Smart Farms, said, “We are honored by this investment from a group of esteemed global investors, supporting our mission: to harness the wonders of science, the power of nature and the passions of people to provide tasty, affordable and sustainably grown fresh produce. . everywhere. At Pure Harvest, we have demonstrated that we can reliably deploy our high-tech agricultural solutions throughout the GCC. Now is the time to enter new markets that share similar challenges to ours – rapidly growing populations, seasonal reliance on imports, and an awareness of the crippling effects of short-term crises (e.g. COVID-19, Russian-Ukrainian conflict) , and climate change, have on our global food system. The future of agriculture is here…now we have the resources to bring our solution to the world.

Metric Capital Partners, the London-based pan-European private equity investor that provides capital solutions to mid-market companies across a wide variety of industries, was a co-lead investor. Bjørn Tessiore, Partner at Metric Capital Partners said: “We are delighted to support the continued growth of Pure Harvest. It is clear that controlled-environment agriculture is becoming increasingly important as a solution to food security issues while mitigating the environmental impact of food production. We believe Pure Harvest is extremely well positioned to thrive in this growing market with its excellent team, innovative approach and proven track record of building and operating at scale in a region characterized by harsh climatic conditions. for farming.

Commenting for IMM Investment Corp, Korea’s leading alternative investment firm, which announced an initial $50 million investment in Pure Harvest in October, Hyun-Chan Cho, Partner at IMM, commented:Thanks to our successful long-time investment in Farm8 (PlanTFarm), we were familiar with the CEA space. With Pure Harvest, we have seen a complementary solution that has allowed us to double down on an investment thesis that we continue to believe in and that contributes tangibly to global food security, water conservation, diversification economic and sustainability goals. We are proud to actively support Pure Harvest as they bring their solution to Asian markets.

Finance company Olayan, a Saudi company that owns and manages Olayan Group’s assets in the Middle East, was another key investor in the fundraising. A company spokesperson commented on their recent investment:The character of Pure Harvest aligns closely with ours: they saw a looming global food security crisis and took an important step to resolve it. The climate and water challenges that Pure Harvest strives to overcome are vital to the global economy. Pure Harvest has proven its ability to provide incredibly high quality, safe and durable products at affordable prices, and they have shown an openness to partnering with others to accomplish their mission. I believe this funding will enable them to unlock significant potential and meet growing food demand in many new markets. We are thrilled to join the company at this critical stage in its journey from a regional leader to a global leader.

This latest funding round cements Pure Harvest’s leadership position as a CEA pioneer in harsh climates. This fundraising, together with the significant research and development incentives obtained from the Abu Dhabi Investment Office in 2020, will enable Pure Harvest to accelerate its growth plans, deploying growth systems on new markets and increasing investment in research and development. The company is also exploring a number of new growth initiatives, including product extensions and water-efficient CEA solutions for forage production.

Citigroup served as the exclusive financial advisor to Pure Harvest.

This announcement is not intended for publication or distribution, directly or indirectly, in the United States of America. This announcement is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States except pursuant to an applicable registration exemption. No public offering of securities is made in the United States.

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