The Red Sea Farms Company for Sustainable Agriculture Technologies, which specializes in agriculture using saline water, revealed, in a press conference held today, that it had received a $ 10 million venture capital investment from a group of major Saudi and Emirati investors, representing:
Aramco Center for Entrepreneurship “Wa’ed”
– Future Investment Initiative Foundation (non-profit organization)
– King Abdullah University of Science and Technology
Global Ventures (UAE group for venture capital)
About this investment, Ryan Levers, CEO of Red Sea Farms Company, says: “We are proud to design, develop and deliver one of the most sustainable agricultural systems in the world from our center in the Kingdom. This investment from our new partners will contribute to improving global food security while reducing carbon emissions and reducing carbon emissions. reliance on fresh water.
In his answer to my question, “Al-Madina”, about the current and expected production rate by the end of 2021, and whether there is outsourcing to outside companies in this field for agriculture and protected farms; Dr. Ryan Leaves explained that production rates by the end of next July will be one ton of cherry tomatoes per week, and by the end of 2021 it will be from 10 to 15 tons per week. He denied the existence of any use of foreign companies, stressing that the existing work is from inside Saudi Arabia from technologies available at King Abdullah University “KAUST”.
In turn, Waed Center CEO Waseem Basrawi said: “This investment exemplifies our decade-long commitment to Saudi startups, where Waed has invested more than $100 million in venture capital investments and loans to more than 100 entrepreneurs. The Red Sea Farms Company is an example Prominent as an emerging company that has been able to make a difference and leave a positive impact, its innovations will change the market landscape and improve the quality of life for all in the Kingdom.”
This investment is the first of its kind for the Future Investment Initiative in the agricultural technology sector. Richard Attias, CEO of the Foundation, said: “Our investment in the Red Sea Farms Company reflects our vision to support initiatives and projects that will have a positive impact on humanity. Through our strategy that is based To three pillars of implementation “Think, Do, Exchange” we have been able to play an important role in the new influencer economy, and we are pleased to partner with KAUST and major investors to bring this revolutionary technology to market.”
Kevin Cullen, Vice President of Innovation and Economic Development at KAUST, said: “KAUST is working to support an emerging deep tech ecosystem in Saudi Arabia, and Red Sea Farms is pushing in that direction. The emerging product is the result of many years of research in the university’s laboratories, and now it is taking a commercial character and confirms its readiness to change the face of agriculture in the Middle East and other areas that suffer from water scarcity.”
Nour Sweid, General Partner at Global Ventures, said: “We are delighted to partner with Red Sea Farms, as with the Earth’s resources declining at an alarming rate, food and water security is facing pressing global challenges. Supported by the scientific and technical knowledge ecosystem at KAUST, King Abdullah University of Science and Technology The Red Sea Farms Company is exploring sustainable and innovative ways to address these issues in the region and the world, in pursuit of the higher goal of preserving the planet’s resources for future generations.”
It is noteworthy that the Red Sea Farms Company has King Abdullah University of Science and Technology (KAUST) as its headquarters, and this investment is one of the largest investments in the field of agricultural technology in the region so far. The cooperation among investors reflects the growing interest in the Gulf region to invest in sustainable agricultural solutions that can combat epidemics and global supply chain disruptions.
It is known that the Red Sea Farms Company was established in 2018 with the aim of meeting food security needs, reducing dependence on fresh water and using carbon in the food sector at the global and Gulf levels. The company’s unique technology relies mainly on saline water, which reduces the consumption of fresh water in agriculture by 85 to 90%. Through a patented system of new and more efficient solar and growth monitoring technologies, salt water is replacing fresh water typically used to cool greenhouses and irrigate crops.