Pure Harvest Smart Farms, a Abu Dhabi, United Arab Emirates-based sustainable technology-enabled agribusiness, secured US$50m in growth-financing/ venture-debt.
The growth funding was provided through an Islamic structured finance solution led by SHUAA Capital psc [DFM: SHUAA]. This growth-financing/ venture-debt solution is a structured Sukuk with embedded warrants. The sukuk follows a second growth equity raise of US$10m led by Sancta Capital in January 2021.
The funding will help the company to scale and attract new talent, advance research & development activities (including various innovation projects in partnership with the Abu Dhabi Investment Office), and to facilitate new market entry.
Led by Sky Kurtz, Founder and CEO, Pure Harvest Smart Farms is soon to complete its third hybrid greenhouse growing system within the Emirates, and is currently constructing its beachhead in Saudi Arabia. It also has announced a further EUR 39m expansion project in Kuwait. Upon completion of its new projects, the company will produce a variety of tomatoes, leafy greens, and berries, with plans to continue to diversify its offering in the future.