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  • 08-06-21

    Saudi Arabian agriculture technology attracts USD10M in venture capital

    (MENAFN)Red Sea Farms, a Saudi Arabian agriculture technology (agtech) startup that applies saltwater to cultivate crops, has pulled toward it USD10 million in venture capital.

    The investment in the agtech firm that is located at King Abdullah University for Science and Technology (KAUST) is considered one of the sector’s biggest investments to date.

    According to Red Sea Farms, the funding is managed by a group of Saudi and UAE investors, including Saudi Aramco’s entrepreneurship arm Wa’ed, the nonprofit Future Investment Initiative Institute, KAUST and Global Ventures, a UAE venture capital group.

    Ryan Lefers, CEO of Red Sea Farms stated that the company plans to have up to eight farming sites situated in central and western Saudi Arabia and in Abu Dhabi, saying that the startup was planning to increase to the UAE by the end of the year.

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