Saudi-based AgTech firm Red Sea Farms has successfully closed its latest funding round, which exceeded its initial investment target of $10 million.
Red Sea Farm whose one-of-a-kind technology enables the commercial farming of produce using primarily salt water and sunlight, has secured a total of $16 milion from leading Saudi, UAE and USA investors.
This oversubscribed, pre-series A investment in Red Sea Farms cements confidence from international, regional and local investors in the burgeoning Saudi and Middle East AgTech sector.
The increased investment accelerates Red Sea Farms’ ability to expand their Saudi and Middle East operations as well as exploring growth opportunities in the US where growing conditions are harsh.
An initial investment of $10 million came from a group of Saudi and UAE investors including the Aramco venture Wa’ed, the Saudi government-owned Future Investment Initiative, Institute, KAUST and Global Ventures, a UAE venture capital group. Interest was subsequently received from AppHarvest and Bonaventure, investors from the United States of America who have provided $6 million.
Ryan Lefers, Chief Executive Officer of Red Sea Farms, said, “Red Sea Farms is thrilled to have substantially exceeded its target for the current 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, the Middle East and North America.”
Potential investors are already exploring opportunities to be part of Red Sea Farms’ next round of fundraising during 2022, reflecting the growing trend for investing in sustainable projects that contribute to UN Sustainable Development Goals as well as meet environment, sustainability and governance principles.
