Wafra is leading Pure Harvests US$20.6 million Series A financing round with an initial $10 million capital injection, the first step in a multi-phase regional expansion to deliver sustainably-grown safe, delicious and affordable fresh produce throughout the GCC.
Pure Harvest Smart Farms, a tech-enabled agribusiness, has secured a multi-stage investment commitment valued over US$100 million with Wafra International Investment Company, a wholly-owned subsidiary of The Public Institution for Social Security. With this investment, Ghazi Al-Hajeri, CEO of Wafra, will join Pure Harvest’s board of directors.
Sky Kurtz, founder and CEO of Pure Harvest Smart Farms, said: “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. This visionary multi-phase investment commitment from Wafra has given us the resources needed to secure our foothold as a pioneer in controlled-environment agriculture in the Middle East.”
The investment from Wafra will drive Pure Harvest’s development and deployment of advanced controlled-environment agriculture solutions across the region to sustainably grow fresh fruits and vegetables, regardless of outdoor climate conditions. Pure Harvest designs, builds and operates high-tech, climate-controlled greenhouse systems that convert the region’s abundant natural sunlight into quality, pesticide-free fresh fruits and vegetables. With innovations in climate management solutions to maximise control of humidity and temperature, Pure Harvest is able to create an optimal growing environment anywhere using substantially less water than traditional forms of agriculture.
Wafra’s Al-Hajeri said that the company’s investment into Pure Harvest acknowledges the potential of controlled-environment agriculture in solving the food security challenges facing the Arabian Gulf region, including Kuwait, and elaborated: “The Arabian Gulf food system is undergoing a monumental shift toward a tech-enabled farming model to meet consumer demands for affordable, high quality foods.
“When combining the local abundance of sunlight with energy and water-efficient climate management systems, the region makes a compelling case as one of the best places in the world for horticulture – a ‘contrarian’ thesis we believe in and that led us to invest in Pure Harvest. We have earmarked $100 million to support future expansions should the company continue to perform. We look forward to working alongside Pure Harvest to enhance food security, water conservation and economic diversification by building a more sustainable food future for Kuwait and our entire region.”
