Sky Kurtz, founder and chief executive of Pure Harvest Smart Farms, says the company will now be able to 'operate vertical farms in hypermarkets and grocery stores'. Photo: Pure Harvest
Sky Kurtz, founder and chief executive of Pure Harvest Smart Farms, says the company will now be able to 'operate vertical farms in hypermarkets and grocery stores'. Photo: Pure Harvest
Sky Kurtz, founder and chief executive of Pure Harvest Smart Farms, says the company will now be able to 'operate vertical farms in hypermarkets and grocery stores'. Photo: Pure Harvest
Sky Kurtz, founder and chief executive of Pure Harvest Smart Farms, says the company will now be able to 'operate vertical farms in hypermarkets and grocery stores'. Photo: Pure Harvest

Business

Start-Ups

Pure Harvest now most funded AgTech start-up in Menasa with $64.5m in new funding

Company teams up with Korea's PlanTFarm to build indoor vertical farms in Mena

Alvin R Cabral
Alvin R Cabral

October 27, 2021

  • English
  • Arabic

Abu Dhabi-based agricultural technology start-up Pure Harvest Smart Farms raised $64.5 million in growth capital, taking its total funds to over $271m, making it the most-funded AgTech player in the Middle East, North Africa and South Asia region.

The funds, led by Korean private investment firm IMM Investment alongside existing investors and management, will be used for its expansion and technology development efforts, particularly as it shifts away from traditional greenhouses into vertical farming.

The company even plans to build and operate farms in hypermarkets where it can grow produce and directly sell them to consumers, Pure Harvest said in a statement on Wednesday.

Pure Harvest also announced a joint venture with PlanTFarm to design, build and operate indoor vertical farms in the Mena region using proprietary technology. IMM is the largest shareholder of PlanTFarm.

“With the latest round, Pure Harvest aims to not just sell produce to retailers but also build and operate vertical farms in hypermarkets and grocery stores, including its retail partners Spinneys, Waitrose, Carrefour and The Sultan Centre,” Sky Kurtz, founder and chief executive of Pure Harvest, told The National.

“This investment will expand the company’s technical capabilities to include artificially lit vertical farming, capable of growing basil, butter lettuces, mushrooms, kale and herbs for sale to consumers.”

The UAE has been accelerating its support of AgTech companies in line with its programme to ensure food security and reduce reliance on imports.

Abu Dhabi has launched a number of initiatives, including $41m in grants and incentives worth $545m, that would support other high-growth areas.

In August, aquaculture company Pure Salmon partnered with the Abu Dhabi Investment Office to set up its global headquarters in Abu Dhabi, which was part of Adio’s Dh2 billion innovation programme. Later that month, Abu Dhabi’s holding company ADQ announced plans to start a new venture in Al Ain, aiming to boost the production of fresh fruits and vegetables in the UAE.

Pure Harvest operates three farms in the UAE, with one each in Saudi Arabia and Kuwait under development. Photo: Pure Harvest
Pure Harvest operates three farms in the UAE, with one each in Saudi Arabia and Kuwait under development. Photo: Pure Harvest

Pure Harvest's latest financing round comes after the company secured $60m in March. It currently operates three farms in the UAE, with its fourth and fifth projects under development in Saudi Arabia and Kuwait, respectively.

Upon completion of those projects, it will operate over 18 hectares of production capacity across numerous crops and will employ more than 300 people, the company said.

The company is also looking to expand into South Asia by early 2022, Mr Kurtz said.

The PlanTFarm venture will enable Pure Harvest to serve as an “omnibus” controlled-environment solutions provider, adding new controlled-environment agriculture growing systems to its existing portfolio, ranging from retailer-integrated, in-store farms to large-scale, warehouse-style indoor vertical farms.

With the latest round, Pure Harvest aims to not just sell produce to retailers but also build and operate vertical farms in hypermarkets and grocery stores
Sky Kurtz,
founder and chief executive of Pure Harvest

This will also add more than 100 commercially proven crops, giving rise to the broadest technology portfolio and resulting fresh produce product range of any smart farming solutions provider anywhere in the world.

Pure Harvest's controlled-environment techniques harness technology to tackle some of the region’s biggest problems, including food security, water conservation, economic diversification and sustainability needs.

Its existing institutional investors include Franklin Templeton, Wafra International Investment Company, Shuaa Capital, Sancta Capital, Archer Private Investments and 2040 Fund, among others.

Early stage angel investors and existing management also invested more than $7m in the round, “evidencing the strength of insiders’ conviction in the company’s prospects,” said Tariq Sanad, chief financial officer of Pure Harvest.

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Portugal

The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.

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The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.

Spain

The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.

Cyprus

Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.

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The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.

Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.

Egypt 

A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.

Source: Citizenship Invest and Aqua Properties

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