Dubai-based vertical farm operator Crysp Farms has secured $2.25 million in a ‘Pre-Series A’ round led by Gate Capital, with participation from investors from the UAE and Saudi Arabia.
Crysp Farms is the only hyperlocal farming provider in the region. The company builds and operates hydroponic farms that provide produce to hospitality groups, healthcare facilities, restaurants, and hypermarkets, helping them reduce their carbon emissions.
The funding round will focus on scaling the company’s expansion strategy across the region, particularly in Saudi Arabia, and delivering committed contracts internationally.
Crysp Farms
Crysp Farms fills an important gap in the food security agenda. Its farms grow leafy greens, herbs, and an array of over 130 crop varieties, supporting the emissions outcomes of COP28 and helping reduce food waste.
“Crysp Farms has grown from an innovative idea to disrupt agriculture into a tangible green investment opportunity, with sturdy unit economics and a strong foundation paving the way for scalable growth,” Munther Hilal, Chief Executive and Founder of Gate Capital said.
The recent funding round is expected to allow Crysp Farms to continue its strategic expansion, introducing new farms in prestigious hotels and resorts managed by global leaders like Hilton Worldwide, Jumeirah Group and Marriott International, among others.
In the last month, Crysp Farms has partnered with five new properties, bringing its sustainable farms to more than 20 locations across the UAE.
The company is now set to target expansion into the Kingdom of Saudi Arabia, enabling and enhancing local food production through innovative technology, in line with Saudi Vision 2030. The business aims to support the hospitality and healthcare sectors across major cities and new development projects in the Kingdom.
“This financial and strategic investment opens up opportunities and enables the business to scale exponentially across our target markets,” said Maan Said, CEO and founder of Crysp Farms.”Through our partner relationships, we are eager to create a more sustainable world through hyperlocal farming.”
Saudi Arabia has recently been increasing investments in sustainable farming. In December, the Saudi wealth fund PIF launched a new company to promote agritourism and ecotourism in the Kingdom.