Case Study – Pure Harvest
Pure harvest is a pioneer in controlled environment agriculture (CEA) and has developed a proprietary high-tech, hybrid growing system that makes possible sustainable, economic, year-round production of high-quality fresh fruits and vegetables anywhere.
Pure Harvest was seeking an investment of up to USD 50 million to expand their existing operations across the UAE and enter KSA as a new market. As a capital intensive business, traditional equity to fund 100% of the expansion was not an attractive solution for the Founders. SHUAA structured a financing solution which met the requirements of both the Company and institutional co-investors.
The transaction was a USD 50 million 3-year structured as non-amortising sukuk with embedded warrants. The transaction was the first in the Middle East where an early-stage business was able to secure venture debt funding from capital markets.
variety of crops grown
Pure Harvest Co-founder & CEO
“We were delighted to secure this innovative, bespoke venture debt financing solution with SHUAA supporting our aggressive growth campaign within the GCC region. SHUAA has embraced our mission to make local-for-local production of high-quality fresh produce possible anywhere, including within the harsh climate of the Arabian Gulf. This type of financing underscores the innovation occurring within the region’s venture capital markets. We thank SHUAA for believing in us and for delivering this first-of-its-kind growth capital solution.”