KAUST has returned for a $10m funding round for Red Sea Farms, having previously contributed to a $1.9m round two years ago.
Red Sea Farms, a Saudi Arabia-based agtech developer, has raised $10m in funding from investors including King Abdullah University for Science and Technology (KAUST).
The round also included Wa’ed, a vehicle for oil and gas provider Saudi Aramco, Future Investment Initiative Institute and Global Ventures.
Founded in 2018, Red Sea Farms has developed technology that relies on saltwater to cool greenhouses and irrigate crops. It currently sells tomatoes but is looking to also grow peppers and cucumbers going forward.
The company will use the latest investment to expand into United Arab Emirates and develop commercial-scale farming facilities.
Red Sea Farms previously collected $1.9m in funding from KAUST Innovation Fund and Research Products Development Company in May 2019.
