Leading innovator and operator of decentralized vertical farms in the GCC, Crysp Farms, has raised $2.25 million in a “Pre-Series A” round led and structured by Gate Capital, with participation from regional investors from Saudi Arabia and the UAE.
The domestic “Farming as a Service” company creates and manages custom hydroponic farms on-site for use by restaurants, hypermarkets, hospitality organizations, and medical facilities. Notably, its top-notch produce is served in establishments acknowledged by prestigious guides and awards like Gault & Millau and Michelin. The company’s expansion strategy will be scaled throughout the region and committed contracts will be delivered internationally as the main goals of the funding round.
The only hyperlocal farming supplier in the area, Crysp Farms, closes a significant gap in the agenda related to food security. Every farm supports the goals of COP28 by lowering greenhouse gas emissions and offering constant access to fresh produce grown on-site. As per the Food and Agriculture Organization of the United Nations (FAO), approximately thirty to forty percent of the entire food production is wasted before it reaches the consumers’ hands. Spilling is almost nonexistent with Crysp Farms.
With the help of the current funding round, Crysp Farms plans to carry out its strategic expansion by establishing new farms in renowned resorts and hotels run by industry titans such as Marriott International, Hilton Worldwide, and Jumeirah Group. With five new partnerships in the past month, Crysp Farms has expanded its network of sustainable farms to over 20 locations in the United Arab Emirates. There are plans to expand to numerous other regional and international destinations, such as the Seychelles and Maldives. In line with Saudi Vision 2030, the company’s most immediate goal is to expand into the Kingdom of Saudi Arabia by using cutting-edge technology to facilitate and improve local food production. The company wants to help new development projects in the Kingdom as well as the hospitality and healthcare industries in the country’s largest cities.
Speaking about the investment round, Maan Said, CEO and founder of Crysp Farms, said, “This financial and strategic investment opens up opportunities and enables the business to scale exponentially across our target markets. Through our partner relationships, we are eager to create a more sustainable world through hyperlocal farming. We are proud to receive the support of Gate Capital and other leading investors in this round, as we look forward to sustainably scaling our operations.”
Munther Hilal, Chief Executive and Founder of Gate Capital said, “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. Gate Capital’s continuous commitment to ESG-led businesses is a testament to identifying impact investment opportunities.”
