Saudi Arabian AgTech business, Red Sea Farms has successfully closed pre-series A funding round for $ 10m and the company oversubscribed this investment round to enable them to raise $ 16m from leading Saudi, UAE and USA investors.
The increased investment accelerates Red Sea Farms’ ability to expand their Saudi and Middle East operations as well as exploring growth opportunities in the US where growing conditions are harsh.
An initial investment of $ 10m came from a group of Saudi and UAE investors including the Aramco venture Wa’ed, the Saudi government-owned Future Investment Initiative, Institute, KAUST and Global Ventures, a UAE venture capital group. Interest was subsequently received from AppHarvest and Bonaventure, investors from the United States of America who have provided $ 6m.
Ryan Lefers, Chief Executive Officer of Red Sea Farms, said “Red Sea Farms is thrilled to have substantially exceeded its target for the current funding round. We look forward to working closely with our investors and our Red Sea Farms team to accelerate plans to roll out our technology in Saudi, the Middle East and North America.”
