Billionaire Olayans join funding for agritech firm Pure Harvest

Billionaire Olayans join funding for agritech firm Pure Harvest

UAE-based Pure Harvest Smart Farms raised $180.5m in its biggest ever fundraising, from backers including the billionaire Olayan family, which runs one of Saudi Arabia’s largest conglomerates. The firm, which already has farms in the UAE and Saudi Arabia, will use the funds to expand in the Middle East and enter new markets in Asia. It grows produce including tomatoes and strawberries in controlled environments to protect crops from harsh outdoor conditions while also limiting water use. Other investors include Britain’s Metric Capital Partners and South Korea’s IMM Investment, the company said in a statement. The latest round, structured as a convertible financing, brings the total amount raised by Pure Harvest to $387.1m. Mostly dependent on imported food, governments in the Middle East have put increasing focus on food security in the wake of the coronavirus pandemic and the Ukrainian crisis. The crisis has sharply reduced exports from Ukraine, while the blockade of key Black Sea ports has exacerbated supply-chain turmoil, sending global food prices soaring. “While climate change is threatening traditional food systems, we’ve seen an opportunity in import-reliant regions experiencing massive population growth to offer a sustainable product, with tangible food security benefits at a new price point,”