ReFarm and FoodTech Valley will build a circular, closed-loop system to boost UAE food security and decarbonize food production.
The Middle East, Africa and South Asia have many ties between them that create a huge market opportunity for agrifoodtech.
The tech-enabled parks are a joint project between India, Israel, the UAE, and the US.
The Abu Dhabi-based startup said it will use the funding to expand its presence in the Middle East, Southeast Asia, and South Korea.
The Riyadh-based B2B marketplace said it’ll use the Series A funds for geographical expansion, and to launch new products and verticals.
The Abu Dhabi-based company will add over 100 crops to its portfolio, as well as new CEA technologies, through its collaboration with PlanTFarm.
The Series C round marks the first UAE investment out of SoftBank’s Vision Fund II.
Fresh off the back of a $60 million growth round in March, the Middle East CEA startup claims it can achieve up to 15x the yield with a tenth of the water of incumbent solutions – and it’s targeting Southeast Asia next.
Abu Dhabi has been looking at ways to produce more of its food closer to home in light of the pandemic, geopolitical flux, and advances in agtech.
The Bengaluru-based startup claims to be “the world’s largest fully integrated online brand in fresh fish and meat e-commerce.”
Sponsored
Sponsored post: The innovator’s dilemma: why agbioscience innovation must focus on the farmer first