Red Sea Farms is a Saudi-based Agri-tech start-up that delivers environmentally sustainable and innovative agriculture technology that produces organic, premium, and palatable vegetables. This leader in commercial farming produces vegetables that are grown primarily using saltwater and sunlight.
Red Sea Farms boasts a $16MN investment
Red Sea Farms was born after a vision of global food security came into full fruition. The firm aims to impact the food industry with environmentally sustainable solutions that deliver nutrition at its maximum potency. The business successfully closed its latest financing round and exceeded the $10mn target.
The financing round commenced with a whopping $10mn from a band of Saudi and UAE investors – the Aramco venture Wa’ed, KAUST and Global Ventures, and the Saudi government-owned Future Investment Initiative Institute.
AppHarvest and Bonaventure, investors from the USA, further accelerated the already brewing pot of investment with $6mn. AppHarvest is an applied technology organization that resolves central points of interest including, developing access to all nutritious food economically by building a local food supply chain in Appalachia. Bonaventure invests in organizations with a solid initial product-market fit and an unmistakable trajectory for generating a sustainable competitive edge.
The agricultural technology start-up which facilitates the farming of vegetables using saltwater and sunlight will use this massive capital inflow to spread its wings of operations within the region of Saudi Arabia and beyond. Red Sea Farms will also use the capital investment to harness opportunities in the USA, where the conditions for the growth of vegetables are not so friendly.
The CEO of Red Sea Farms was overjoyed owing to the exceedingly confident investment procured by the company. His team is all set to roll out the novel technology in Saudi, Middle East, and North America.