Red Sea Farms raises additional $18.5 million to fuel expansion plans

Red Sea Farms raises additional $18.5 million to fuel expansion plans

Press release:

Red Sea Farms, the Saudi Arabia and UAE AgTech business whose one-of-a-kind technology enables commercial farming using a low energy, zero freshwater sustainable climate control, announces a $18.5 million strategic fund raise.

The fund raise was co-led by Wa’ed - the venture capital arm of Saudi Aramco and The Savola Group - the leading strategic investment holding group in MENA food and retail, through their corporate venture capital program. KAUST Innovation Fund, one of Red Sea Farms’ original investors, is also participating, along with OlsonUbben LLC, an investment entity owned by Tony Olson and Jeffrey Ubben. Tony Olson is the CEO of SPINS, a leading wellness-focused data company and advocate for the Natural Product Industry, and Jeffrey Ubben is the Founder and Managing Partner at Inclusive Capital Partners and a pioneer in impact investing.

Proceeds will support Red Sea Farms’ global and regional expansion plans – including expansion of the fresh produce business in the GCC.  Global expansion is focused on technology development, and productization - with first generation product sales expected by Q4 2022.

Red Sea Farms also announces the appointment of a new global COO and regional CEO for the Middle East, Simon Roopchand. The company will leverage Roopchand’s previous