Dubai – Mubasher: Shuaa Capital has led a three-year structured Sukuk worth $50 million for Pure Harvest Smart Farms, a UAE-based sustainable technology-enabled agribusiness, with embedded warrants.
As part of the funding round, Shuaa also co-invested in Pure Harvest through its managed funds, according to a press release on Monday.
This funding round has attracted several investors, including Franklin Templeton and Sancta Capital.
For the first time in the region, an early-stage business has secured venture debt funding from capital markets.
The Group CEO of Shuaa, Jassim Alseddiqi, said: "We see exciting potential in the technology space and this is a great example of how we are executing on our stated strategy to focus on this area, this time supporting a market leader in AgTech as it seeks to accelerate its growth."
This investment round has followed Shuaa's technology investment in Anghami, which will become the first Arab technology company to list on Nasdaq via a merger with Vistas Media Acquisition Company.
