Pure Harvest Smart Farms is a startup promoting technology-enhanced glasshouses for farming developments beyond the Middle East, has gained a promise of up to $100 million from Wafra, Kuwait’s state financing company.
The primary fruits of that promise appear through in the form of a dedication from Wafra to manage Pure Harvest’s $20.6 million Series A funding, the company stated.
Pure Harvest first tapped the global investment stage as a part of a group of companies elected to compete in a Startup Battlefield MENA competition, managed by a partnership with Facebook.
Startup Battlefield Mena 2018: Pure Harvest
The multi-stage financing commitment, estimated at over $100 million, appears from Wafra International Investment Company (an entirely controlled subsidiary of The Public Institution for Social Security) and embodies the largest commitment to a local agricultural technology firm in the Middle East.
As a consequence of the investment, Ghazi Al-Hajeri, the chief exec of Wafra, will enter Pure Harvest’s Board of Directors, the company announced.
Pure Harvest stated that the latest financing would be used to proceed with the expansion of controlled-environment agricultural amenities — like glasshouses — to grow pesticide-free farm-fresh fruits and vegetables.
Smart agriculture will proceed to be an essential area for financing as the food supply chain develops under increasing pressures emerging from a changing climate.
Desertification, dryness, flooding and extensive climatic shifts are putting more stress on the international food chain, according to the United Nations.
The Effects On Other Countries
In the U.S. this has inspired investments in firms like AppHarvest, Backyard Farms, Bright Farms, Lufa Farms, Plenty and Square Roots.
Plenty solely has allocated $401 million for its indoor farming cultivation system.
In France, Agricool has more than $38 million for its indoor cultivation tech.
“Wafra’s investment arises at an interesting time and will enable Pure Harvest to obtain industrial markets of scale as the Company turns out its following generation of exceptional glasshouse layouts optimized for profitability and sustainability within the MENA area,” stated David Scott, Pure Harvest’s director, in a report.
He further said, “This investment also describes the calibre and far-sighted understanding of Wafra’s management, whose activities have put their institution on the righteous side of the powerful macro trends pushing explosive extension in technology-enabled agriculture in this area and beyond.”
SEE ALSO: Stocks Fall As Unemployment Spikes in America
For more information and the latest tech news, keep reading iTMunch.