Shuaa Capital (Shuaa), the leading asset management and investment banking platform in the region, has led a $50 million structured Sukuk for Pure Harvest Smart Farms,
Pure Harvest announces sukuk funding, raises $60 million this year
Sky Kurtz, founder and CEO of Pure Harvest Smart Farms
UAE-based, agritech Pure Harvest Smart Farms has raised $50 million in growth funding through a sukuk, an Islamic structured finance product similar to a bond, led by SHUAA Capital. It marks the first time that a startup in the Middle East has raised venture-debt in this way and comes after it closed a $10 million growth equity round from Sancta Capital in January this year. The startup has raised more than $200 million to date.
Founded in Abu Dhabi in 2016, Pure Harvest uses hydroponic farming solutions and internet of things (IOT) technology to grow fruits and vegetables in the region’s arid climate. The latest round will be used to grow its team, invest in research and development and expand its services in the UAE, where it is nearing the completion of this third greenhouse. It is also constructing greenhouses in Saudi Arabia and Kuwait, for which it prev
UAE-based Pure Harvest Smart Farms raises $60m in new funding round
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Shuaa Capital led a $50m structured sukuk for Pure Harvest co-investing with Franklin Templeton and Sancta Capital
UAE-based agritech company Pure Harvest Smart Farms has raised $60m as part of a new funding round.
Shuaa Capital led a $50m structured sukuk for Pure Harvest co-investing with Franklin Templeton and Sancta Capital, among others, in Pure Harvest through its managed funds as part of this funding round.
Pure Harvest also raised $10m in growth equity.
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