Saudi Startup Red Sea Farms Raises 10M to Fund Expansion


DUBAI Reuters Saudi Arabian agriculture technology startup Red Sea Farms on Monday said it had raised 10 million which it would use to develop commercial scale farming facilities and expand into neighbouring United Arab Emirates.

Red Sea Farms, established in 2018, grows tomatoes in an environmentcontrolled, enclosed farm that primarily uses saltwater to cool greenhouses and irrigate crops. Fresh water is sparsely available in the predominantly desert Gulf region where arable land is also scarce.

Red Sea Farms aims to have between four to eight farming sites across six hectares in central and western Saudi Arabia and in Abu Dhabi, the UAEs largest emirate, CoFounder and Chief Executive Ryan Lefers told Reuters.

We are looking to also grow snack peppers, snack cucumbers as part of this round to really keep that focus around fresh and healthy, he said.

The company plans to sell produce in UAE supermarkets. Its tomatoes are already available in Saudi supermarkets.

Red Sea Farms has trialed its technology using a pilot saltwater greenhouse in Saudi Arabias west at the King Abdullah University for Science Technology.

Investors included Saudi Aramcos entrepreneurship arm Waed, the Future Investment Initiative Institute, the King Abdullah University for Science Technology and Dubaibased venture capital firm Global Ventures, Red Sea Farms said.

To date, Red Sea Farms has raised 11.9 million.

Reporting by Alexander Cornwell; Editing by Kirsten Donovan

Source Reuters


Please enter your comment!
Please enter your name here