Pure Harvest Smart Farms and PlanTFarm announced that they will embark on a joint venture to design, build and operate indoor vertical farms in the Middle East and North Africa region, leveraging proprietary technology provided by PlanTFarm. The arrangement is supported by IMM Investment, the largest shareholder in PlanTFarm.
Commenting on the announcement, Sky Kurtz, Founder & Chief Executive of Pure Harvest Smart Farms, said “we pride ourselves on being technology-agnostic – seeking the ‘best tool for the job’, so long as we achieve our mission of farming high-quality, affordable, sustainably-grown fresh fruits & vegetables for our customers. By partnering with PlanTFarm, pairing its vertical farming technology offering together with our own large-scale hybrid growing systems, we now have the world’s only “omnibus” indoor farming capability.”
Kang Dae-Hyun, CEO of PlanTFarm, also commented, “We have developed what we believe to be the world’s most efficient vertical farming systems, with over 40 farms currently in operation throughout Korea, producing over 100 different varieties of leafy greens, herbs, spices, berries, and mushrooms. We are now actively expanding into new geographies, both direct and via strategic partners. By forming an alliance with Pure Harvest Smart Farms, together we can commercialize our farming solutions throughout the Middle East, enlarging Pure Harvest’s existing CEA ‘toolkit’."
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Pure Harvest Smart Farms also announced that it has secured US $64.5 million in growth capital to accelerate the company’s expansion and technology development efforts. This latest financing round was led by Korea’s private investment firm IMM Investment Corp, together with existing investors and management.
Sky Kurtz, Founder and Chief Executive, commenting on the announcement, said: “This is a landmark financing for Pure Harvest two reasons: first, IMM is one of Asia’s most respected and successful alternative investors, signaling the strength of our investment case, and second, the firm has been a longstanding investor in controlled environment agriculture (CEA) through serial investments in Farm8 and PlanTFarm."
