Abu Dhabi's Pure Harvest plans to raise at least USD 100 mn as it expands into Singapore, Morocco, and Kuwait, and spins off its Saudi operations into an independent entity, CEO Sky Kurtz told Semafor. Rothschild & Co was appointed to advise on the raise, though the expected valuation was not disclosed.

Pure Harvest plans to complete the financing of the new round by year-end and begin constructing a new farm in Morocco — likely its last as the firms plans a shift to a scalable “farming-as-a-service” model, where it plans to continue to sell its own branded products, Kurtz said.

Background: Pure Harvest acquired a six-hectare agricultural facility near Riyadh, currently operated by Saudi agritech company RedSea, last year, and is set to take over operations in January. The acquisition aims to double the company’s production capacity in Saudi Arabia. The company had raised USD 180.5 mn in its latest funding round in 2022, taking total funding raised up to USD 387 mn.

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