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- Pure Harvest Smart Farms
Pure Harvest Smart Farms Funding, Investors & Competitors
Pure Harvest Smart Farms has raised $285M across 8 funding rounds, most recently a $181M undisclosed-stage round in June 2022.
Last Pure Harvest Smart Farms funding round
$181M
Undisclosed stage · Jun 2022
Cumulative funding Pure Harvest Smart Farms raised
$285M
across 8 funding rounds
Key investors in Pure Harvest Smart Farms
Shorooq Partners
IMM Investment
Mohammed Bin Rashid Innovation Fund (MBRIF)
Metric Capital Partners
The Olayan Group
Wafra international investment
Sancta Capital Group
About Pure Harvest Smart Farms
Pure Harvest Smart Farms is a UAE-based agritech company, founded in 2016 by Sky Kurtz, Mahmoud Adi, and Robert Kupstas, that uses hydroponic, climate-controlled greenhouse technology to grow fruits and vegetables such as tomatoes, cucumbers, eggplants, and strawberries in desert climates. The company operates farms across the UAE, Saudi Arabia, and other Gulf countries, using around 95% less water than conventional farming to address food security in arid regions. Pure Harvest has extended its controlled-environment agriculture offerings through a partnership with vertical-farming specialist PlanTFarm, adding retailer-integrated in-store farms and large-scale warehouse-style vertical farms to its portfolio.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Sectors
Pure Harvest Smart Farms Funding History
Pure Harvest Smart Farms has raised a total of $285M across 8 funding rounds.
Pure Harvest Smart Farms' first fundraising round was a $1M seed round in October 2016. The most recent completed round was a $181M undisclosed-stage round in June 2022.
Pure Harvest Smart Farms funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jun 2022 | Undisclosed stage | IMM Investment; Metric Capital Partners; The Olayan Group | $181M | Pure Harvest Smart Farms is a UAE-based agritech company founded in 2016 by Sky Kurtz, Mahmoud Adi, and Robert Kupstas, specializing in hydroponic technology to grow fruits and vegetables like tomatoes, cucumbers, eggplants, and strawberries in harsh desert climates using climate-controlled greenhouses. The company operates farms in the UAE and Saudi Arabia, focusing on sustainable, local production with high efficiency, such as using 95% less water, to address food security in arid regions like the Gulf countries. On June 30, 2022, Pure Harvest closed a Series D growth funding round raising $180.5 million (noted as the largest-ever convertible financing in the MEASA region and oversubscribed) from a consortium including Metric Capital Partners (UK), IMM Investment Corp (Korea), Olayan Group (Saudi Arabia), and existing investors. This brought total funding to $387.1 million, following a prior $64.5 million round led by IMM in 2021. Citigroup acted as exclusive financial advisor. Funds are allocated for R&D, expanding footprint across the GCC, entering Asian markets like South Korea, Singapore, Malaysia, Indonesia, and the Philippines, alongside debt financing. Post-round, Pure Harvest acquired BayWa's controlling interest in the Al Dahra BayWa joint venture, forming a partnership with Al Dahra Group, boosting managed operating capacity to over 22 hectares (54 acres) with plans for enhancements and new crops. It also secured a $150 million deal with Richel Group. In January 2022, it ranked #2 in Forbes Middle East’s “50 Most-Funded Startups In MENA” with over $280 million raised to date. |
| Oct 2021 | Undisclosed stage | IMM Investment (lead) | $65M | Pure Harvest Smart Farms is a UAE-based sustainable technology-enabled agribusiness specializing in controlled environment agriculture (CEA) to grow fresh produce like tomatoes, leafy greens, and strawberries in harsh climates. At the time of the October 27, 2021 funding round, the company operated three farms in the UAE, with fourth and fifth projects under development in Saudi Arabia and Kuwait, aiming for over 18 hectares of production capacity and employing over 300 people. The round raised $64.5 million in growth capital, led by South Korea's IMM Investment Corp., with participation from existing investors including Franklin Templeton Investments (ME) Limited, Wafra International Investment Company, SHUAA Capital PSC, Sancta Capital Management LLC, Archer Private Investments LLC, 2040 Fund, and over $7 million from insiders, management, and early-stage angels, bringing total funding to $271.6 million. The financing supported expansion and technology development efforts, coinciding with a joint venture partnership with PlanTFarm, a leading vertical farming solutions provider and IMM portfolio company, to design, build, and operate indoor vertical farms using PlanTFarm's proprietary systems. This partnership expanded Pure Harvest's CEA offerings to include retailer-integrated in-store farms to large-scale warehouse-style vertical farms, adding over 100 commercially proven crops and positioning it as an omnibus controlled-environment solutions provider. IMM Partner Hyun-Chan Cho joined the board, with Citigroup Global Markets acting as financial advisor and placement agent. Pure Harvest was recognized as the GCC's homegrown CEA champion and the MENASA region's largest Agtech investment at that point. The round signaled strong investor confidence, particularly from IMM's expertise in CEA via investments in Farm8 and PlanTFarm, aiding Pure Harvest's push into Asia and sustainable food production. Subsequent rounds included IMM's return with $50 million in a later investment and a $180.5 million convertible note in June 2022, raising total funding to $387.1 million for further GCC and Asian expansion, R&D, and debt financing. |
| Jan 2021 | Series A | Sancta Capital Group (lead) | $10M | Pure Harvest Smart Farms, a UAE-based controlled-environment agriculture (CEA) technology company, closed a $10 million growth equity round led by Sancta Capital in January 2021. The funding was announced alongside a separate $50 million sukuk (Islamic structured financing) facility led by SHUAA Capital in March 2021, totaling $60 million in capital raised that year. The company used proceeds to expand capacity in its existing UAE facilities, invest in research and development partnerships with the Abu Dhabi Investment Office, and enter new markets in the GCC region. By late 2021, Pure Harvest operated three farms in the UAE with additional projects under development in Saudi Arabia and Kuwait, producing tomatoes, leafy greens, strawberries, and over 100 commercially proven crops across multiple growing systems including retailer-integrated in-store farms and warehouse-style vertical farms. The company's management team and board included Sky Kurtz as Founder and CEO, reflecting a strategic focus on food security and localized agricultural production in challenging climate environments. |
| Apr 2020 | Series A | Wafra international investment (lead) | $21M | Pure Harvest Smart Farms is a tech-enabled agribusiness based in Abu Dhabi that designs, builds, and operates high-tech, climate-controlled greenhouse systems for sustainable cultivation of premium quality fresh fruits and vegetables. The company uses advanced controlled-environment agriculture solutions with innovations in climate management to maximize control of humidity and temperature, enabling optimal growing conditions anywhere using substantially less water than traditional agriculture while producing pesticide-free crops. In April 2020, Pure Harvest announced a multi-stage investment commitment valued at over $100 million from Wafra International Investment Company, a wholly owned subsidiary of The Public Institution for Social Security (Kuwait's sovereign wealth fund). Wafra led Pure Harvest's $20.6 million Series A financing round with an initial $10 million capital injection, representing the largest agriculture technology investment in the MENA region at that time. The remaining $90 million commitment was structured as facilities financing rather than direct equity, allowing Wafra to finance the construction and operation of Pure Harvest's farms while the company invested the upfront $10 million equity in growth, key hires, and technology portfolio enhancement. Founder and CEO Sky Kurtz highlighted that the timing was critical given COVID-19-related supply chain disruptions, which underscored the need for sustainable local food production capacity in the region, particularly for fresh, nutrient-rich foods. |
| Sep 2019 | Seed | Mohammed Bin Rashid Innovation Fund (MBRIF) (lead); Shorooq Partners (lead) | $2M | - |
| Oct 2018 | Seed | Mohammed Bin Rashid Innovation Fund (MBRIF) (lead) | $2M | - |
| Dec 2017 | Seed | Shorooq Partners (lead) | $5M | Pure Harvest Smart Farms is an Abu Dhabi-based technology-enabled agribusiness founded in October 2016 by Sky Kurtz and Mahmoud Adi, focused on controlled-environment agriculture (precision hydroponics) to produce fresh vegetables and fruits in arid climates. The company uses high-tech greenhouse facilities and has built operations around Abu Dhabi, producing over 20 varieties of tomatoes and six varieties of strawberries. In its early stages, Pure Harvest received seed funding from Shorooq Partners and the Mohammed bin Rashid Innovation Fund, with the company reaching significant scale later—by April 2020 it announced a Series A funding round of $110 million led by Wafra International Investment Company, and by June 2022 had secured $180.5 million in a convertible note round from global investors including Metric Capital Partners and IMM Investment. The company has since expanded operations across the Gulf Cooperation Council region and into Asia, positioning itself as a leading agtech player in the Middle East and North Africa. |
| Oct 2016 | Seed | Shorooq Partners (lead) | $1M | - |
Who has invested in Pure Harvest Smart Farms?
7 investors have backed Pure Harvest Smart Farms across its funding rounds, including Shorooq Partners, IMM Investment, Mohammed Bin Rashid Innovation Fund (MBRIF), Metric Capital Partners, The Olayan Group and Wafra international investment.
Lead investors include IMM Investment, Sancta Capital Group, Wafra international investment, Mohammed Bin Rashid Innovation Fund (MBRIF) and Shorooq Partners.
Pure Harvest Smart Farms Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Oct 2016 | ||
| 2 | Lead | Oct 2018 | ||
| 2 | Lead | Oct 2021 | ||
| 1 | Lead | Apr 2020 | ||
| 1 | Participant | Jun 2022 | ||
This data is available for Pro users. Sign up to see all 7 Pure Harvest Smart Farms investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialPure Harvest Smart Farms Competitors
Pure Harvest Smart Farms competitors include listed companies like Novonesis, Qinghai Salt Lake Industry, CF Industries and Industries Qatar, and private ones like Farmers Business Network and Shiji Biotechnology.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $4.8B | $1.6B | $31B | 6.7x | ||
| Publicly listed | $2.3B | $1.2B | $20B | 4.4x | ||
| Publicly listed | $7.1B | $3.2B | $19B | 3.0x | ||
| Publicly listed | $4.4B | $1.6B | $17B | 4.4x | ||
| Private | - | - | $4B | - | ||
| Private | - | - | $2.7B | - |
Pure Harvest Smart Farms Public Comps
Pure Harvest Smart Farms is still privately-owned, but its public comps include Corteva, BASF, Archer-Daniels-Midland, Nutrien, Muyuan Foods, Novonesis, Bunge, Qinghai Salt Lake Industry, CF Industries and Wilmar International.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $17B | $2.9B | 3.2x | 3.2x | 19.2x | 13.7x | |||
| $69B | $8.2B | 1.1x | 1.0x | 8.9x | 8.6x | |||
| $80B | $2.9B | 0.6x | 0.6x | 16.9x | 10.9x | |||
| $27B | $6.1B | 1.8x | 1.8x | 8.0x | 7.9x | |||
| $22B | $5B | 2.0x | 2.3x | 8.7x | 16.2x | |||
| $4.8B | $1.6B | 7.1x | 6.7x | 21.5x | 17.7x | |||
| $70B | $2.3B | 0.6x | 0.5x | 17.5x | 10.9x | |||
| $2.3B | $1.2B | 6.8x | 4.4x | 13.2x | 7.2x | |||
This data is available for Pro users. Sign up to see all Pure Harvest Smart Farms competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Pure Harvest Smart Farms
| When was Pure Harvest Smart Farms founded? | Pure Harvest Smart Farms was founded in 2016. |
| Where is Pure Harvest Smart Farms headquartered? | Pure Harvest Smart Farms is headquartered in UAE. |
| Is Pure Harvest Smart Farms publicly listed? | No, Pure Harvest Smart Farms is a private, VC-backed company. |
| How much funding has Pure Harvest Smart Farms raised? | Pure Harvest Smart Farms has raised $285M across 8 funding rounds. |
| What was Pure Harvest Smart Farms' last funding round? | Pure Harvest Smart Farms' last funding round was a $181M undisclosed-stage round in June 2022. |
| Who are Pure Harvest Smart Farms' investors? | Pure Harvest Smart Farms' investors include Shorooq Partners, Mohammed Bin Rashid Innovation Fund (MBRIF), IMM Investment, Wafra international investment, Metric Capital Partners, Sancta Capital Group and The Olayan Group. |
| Which companies are comparable to Pure Harvest Smart Farms? | Companies comparable to Pure Harvest Smart Farms include Novonesis, Qinghai Salt Lake Industry, CF Industries, Industries Qatar, Farmers Business Network and Shiji Biotechnology. |
See companies similar to Pure Harvest Smart Farms
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