DUBAI: Saudi agricultural technology startup Red Sea Farms has secured $16 million in its latest funding round, exceeding the initial target thanks to strong investor interest.
The agtech startup, which enables farming of produce using primarily salt water and sunlight, will use the capital injection to expand its operations in the region and beyond.
“Red Sea Farms is thrilled to have substantially exceeded its target for the current funding round,” its CEO Ryan Lefers said in a statement.
Several investors from Saudi Arabia, UAE and the US participated in the pre-series A funding round.
“We look forward to working closely with our investors and our Red Sea Farms team to accelerate plans to roll out our technology in Saudi Arabia, the Middle East and North America,” Lefers added.
Red Sea Farms will also use the investment to explore opportunities in the US, where “growing conditions are harsh,” the company said.
The first $10 million came from Saudi Aramco’s Wa’ed, the Future Investment Initiative Institute, King Abdullah University of Science and Technology, and UAE-based Global Ventures.
US companies that participated in the funding round included AppHarvest, a tech firm building indoor farms in Appalachia.
Red Sea Farms said that potential investors have already expressed interest in joining the next fundraising in 2022.
