twitter RSS Feed linkedin acp contact

Pure Harvest Smart Farms secures US$180.5mn from global investors to fund expansion

Pure Harvest Smart Farms (Pure Harvest), a world-leading sustainable technology-enabled agribusiness, raised US$180.5mn in their latest growth funding round

pure harvest 1 julyThe growth capital cements Pure Harvest’s role as the MEASA region’s champion within the fast-emerging, global high-tech agriculture ecosystem. (Image source: Adobe Stock)

The financing was embraced by a consortium of key global investors, including Metric Capital Partners, UK, IMM Investment Corp, Korea, and Olayan Group, KSA, joined by several existing investors and management. The company will utilise the capital, together with various forms of debt financing, to invest in research and development, to expand its footprint across the GCC, and to open new markets in Asia.  

This represents the largest-ever convertible financing in the MEASA region. The funding round was vastly oversubscribed, and a few strategic investors are still in discussions for further upsizing, underscoring the strong institutional investor appetite for Pure Harvest. The growth capital cements Pure Harvest’s role as the MEASA region’s champion within the fast-emerging, global high-tech agriculture ecosystem.

Sky Kurtz, co-founder and CEO at Pure Harvest Smart Farms said, “We are humbled by this investment from an esteemed group of global investors, backing our mission: to harness the wonders of science, the power of nature, and the passions of people to provide tasty, affordable, sustainably-grown fresh produce anywhere. At Pure Harvest we have demonstrated we can reliably deploy our high-tech farming solutions across the GCC. Now it is time to enter new markets that share similar challenges to our own – fast-growing populations, seasonal import-dependence, and an awareness of the crippling effects that short-term crises (e.g. COVID-19, Russia-Ukraine conflict), and climate change, are having on our global food system. The future of farming is here… now, we have the resources to bring our solution to the world.”

Metric Capital Partners, the London headquartered, pan-European private equity investor providing capital solutions to mid-sized companies across a wide variety of industries, was a co-lead investor. Bjørn Tessiore, Partner at Metric Capital Partners said, “We are delighted to support the continued growth of Pure Harvest. It’s clear that controlled-environment agriculture is becoming increasingly important as a solution to food security issues while also mitigating the environmental impact of food production.”

Commenting for IMM Investment Corp, the leading alternative investment firm in Korea, who announced an initial US$50mn investment in Pure Harvest in October, Hyun-Chan Cho, Partner at IMM commented, “Due to our longstanding successful investment in Farm8 (PlanTFarm), we knew the CEA space well. With Pure Harvest, we saw a complementary solution that let us double-down on an investment thesis that we continue to believe in, and that tangibly contributes to global food security, water conservation, economic diversification, and sustainability objectives. We are proud to actively support Pure Harvest as it brings its solution to Asian markets.” 

The Olayan Financing Company, a Saudi company holding and managing the Olayan Group’s Middle Eastern assets, was another key investor in this round of fundraising. A spokesperson for the company, discussed their recent investment. “Pure Harvest’s character aligns closely to our own: they saw an impending global food security crisis and have taken an important step to solve it. The climate and water challenges Pure Harvest works to overcome is vital to the global economy.”


LATEST NEWS IN Machinery & Equipment

Clean hoeing in ridge crops

Clean hoeing in ridge crops

Farms growing ridge crops have faced a seemingly unsolvable problem in the recent years: more and more herbicides are being banned, and the market is now demanding as much chemical-free...

South Africa, Zimbabwe and Tanzania rank high in digital agriculture innovation

South Africa, Zimbabwe and Tanzania rank…

Three countries – South Africa, Zimbabwe and Tanzania – have ranked high in digital agriculture innovation in the Southern African Development Community (SADC) region

JOSKIN configurator to cover its entire range of products

JOSKIN configurator to cover its entire …

Initially available for only a few machine categories, the JOSKIN configurator is now evolving to cover the entire range of products.

Pure Harvest Smart Farms secures US$180.5mn from global investors to fund expansion

Pure Harvest Smart Farms secures US$180.…

Pure Harvest Smart Farms (Pure Harvest), a world-leading sustainable technology-enabled agribusiness, raised US$180.5mn in their latest growth funding round

Compostable crop sensors on the cards

Compostable crop sensors on the cards

An international research collaboration is planning to explore new ways of monitoring crop growth with biodegradable sensors which can be composted at the end of their lifespan The US$2.2mn CHIST-ERA project,...

Pöttinger presents new grassland products

Pöttinger presents new grassland product…

Grassland specialist Pöttinger has once again launched a new range of innovations for the new season, with something new for every link in the harvesting chain – from mowing, tedding...

Prev Next

OTHER RELATED ARTICLES - Machinery & Equipment

West Africa employs advanced GIS fishery system

West Africa employs advanced GIS fishery…

Ghana and Liberia’s Fisheries Commissions have employed SuperGIS Desktop 3.1 and SuperGIS Spatial Analyst 3.0 in order to establish an advanced system of analysing and managing fishery data 

Bühler launches huller for processing multiple pulses

Bühler launches huller for processing mu…

Bühler has launched its PULSROLL huller to help processors produce innovative pulse products

Bühler launches next gen Tubex Pro for advanced weighing solution

Bühler launches next gen Tubex Pro for a…

Bühler, global solution provider in the supply of flour production plants, pasta and chocolate production lines and animal feed manufacturing installations, has launched Tubex Pro, aiming to bring weighing to...

Wireless environmental monitoring in Africa

Wireless environmental monitoring in Afr…

Wood & Douglas Ultima GSM introduces the rugged wireless environmental monitoring for fish farmers and breeders

Freudenberg’s category 4 filtration systems protect agricultural vehicle drivers from toxic pesticides

Freudenberg’s category 4 filtration syst…

Freudenberg Filtration Technologies offers cabin air filters of all categories to ensure that necessary precautions are taken in keeping with the European norm EN 15695

Valmont and Prospera Technologies join for autonomous crop management technology

Valmont and Prospera Technologies join f…

Valmont Industries, Inc, one of the leading global providers of engineered products and services for infrastructure and irrigation equipment for agriculture, has partnered with Prospera Technologies Inc, an Israeli machine...

JOSKIN's spreading implements reduce cost and nitrogen loss from fertilisers

JOSKIN's spreading implements reduce cos…

JOSKIN understands the potential of slurry for growing crops and meadows, and the problem of spreading it evenly

Zimbabwe gets agri-implements worth US$32mn from Brazil

Zimbabwe gets agri-implements worth US$3…

Zimbabwe has received US$32mn worth of agricultural implements from Brazil under the first phase of the Zimbabwe-Brazil More Food for Africa Programme

Volvo Penta powers MTS-Sandei's latest tomato harvester

Volvo Penta powers MTS-Sandei's latest t…

Volvo Penta is supplying an 8-litre engine for agricultural specialist manufacturer MTS-Sandei, for its latest tomato harvester

US hands over cold storage facility to Zambia Seed Control and Certification Institute

US hands over cold storage facility to Z…

Sheryl Stumbras, director of the US Agency for International Development (USAID) in Zambia, has handed over a refurbished cold storage facility to Minister of Agriculture Michael Katambo at the Zambia...

Krone and Lemken present autonomous system

Krone and Lemken present autonomous syst…

Krone and Lemken, through a joint project, have launched a design concept – Combined Powers – which is an autonomous ‘process unit’ consisting a drive unit and various implements

Case IH holds Sugarcane Camp 2016 for African customers

Case IH holds Sugarcane Camp 2016 for Af…

Case IH organised a 'Sugarcane Camp' workshop in Australia for its key African sugarcane customers 

Prev Next