The Saudi startup Red Sea Farms has received new investments worth $10 million from a group of prominent Saudi and Emirati investors to contribute to the company’s capital, according to a statement released today, Monday, on the company’s website. The company, specializing in agricultural technology, stated that it will use the new investment to establish commercial-scale agricultural facilities and expand its activities by investing in the United Arab Emirates.
The funding is led by a group of Saudi and Emirati investors, including Aramco's entrepreneurship center "Wa’ed", the Future Investment Initiative Foundation, a nonprofit organization, King Abdullah University of Science and Technology (KAUST), and Global Ventures, a UAE-based venture capital firm. This funding marks one of the first investments in agricultural technology for many of these investors.
Red Sea Farms plans to use the funding to build and modify over 6 hectares of commercial farming operations in central and western Saudi Arabia. The company currently operates a pilot greenhouse using saline water at KAUST.
Founded in 2018, Red Sea Farms aims to meet food security needs while reducing reliance on freshwater and carbon use in the food sector both globally and regionally. The company’s technology primarily relies on saline water, which reduces freshwater consumption in agriculture by 85 to 90%.
Red Sea Farms had previously received an investment of $1.9 million in 2019 from the Innovation Fund and the Research Products Development Company at KAUST. KAUST, a leading university in graduate research, is one of the key innovators of sustainable agriculture solutions in the Middle East and other water-scarce regions.
Ryan Leevers, CEO of Red Sea Farms, who co-founded the company with Professor Mark Tester, Chief Scientist, and Derya Baran, Engineering Director, stated: "This investment from our new partners will help improve global food security while reducing carbon emissions and dependence on freshwater."
Waseem Basrawi, Executive Director of Wa’ed at Aramco, said, "This investment embodies our decade-long commitment to Saudi startups, with Wa’ed having infused over $100 million into venture capital investments and loans for more than 100 entrepreneurs."
