RIYADH: UAE-based agritech Pure Harvest Smart Farms raised $180.5 million in its latest funding round by global investors including venture capital firm, IMM Investment Corp, and Saudi-based billionaire group, Olayan Group.
The company will use its acquired funding to invest in research and development as well as expand into the Gulf Cooperation Council and Asia markets, Wamda reported.
“I believe this funding will allow them to unleash significant potential, and to meet growing food demands in many new markets,” an Olayan Group spokesperson said in a statement.
Founded in 2016, the company uses hydroponic technology to grow fruits and vegetables in harsh environments and has raised a total funding of over $387 million.
