Saudi Arabia’s agriculture technology startup Red Sea Farms said on Monday it had raised an additional $18.5 million to help expand its fresh produce line and also to sell its technology to users in harsh, water scarce environments, Arab News reports.
Saudi Aramco’s Wa’ed, The Savola Group, KAUST Innovation Fund and OlsonUbben are part of investors.
Founded in 2018, the company grows fresh produce such as cucumbers in environmentally-controlled, enclosed farms that primarily use saltwater to cool greenhouses and irrigate crops.
The company said it planned to start selling a bolt-on climate chamber version of its technology that can be used with existing and new greenhouse structures by the fourth quarter.
Red Sea Farms has landed $36.5 million to date.
Saudi Red Sea Farms raises $18.5 million to expand fresh produce line
