Crysp Farms secures $2.25M ‘Pre-Series A’ round
Added on 23 January 2024
Crysp Farms, the GCC’s leading innovator and operator of decentralized vertical farms has secured a $2.25 million ‘Pre-Series A’ round structured and led by Gate Capital with participation from regional investors including from the UAE and Saudi Arabia.
The homegrown ‘Farming as a Service’ provider builds and operates bespoke onsite hydroponic farms catering to hospitality groups, healthcare facilities, restaurants, and hypermarkets. Notably, its high quality produce is served in venues recognised by the leading awards and guides, such as Gault&Millau and Michelin. The funding round will focus on scaling the company’s expansion strategy across the region and delivering committed contracts internationally.
Crysp Farms, the only hyperlocal farming provider in the region, fills an important gap in the food security agenda. Each farm provides continuous access to onsite fresh produce and reduces greenhouse gas emissions, supporting the outcomes of COP28. According to the Food and Agriculture Organization of the United Nations (FAO), between 30-40% of total food production is lost before it even reaches the consumer. Through Crysp Farms, there is close to zero spoilage.
With the current funding round, Crysp Farms will 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, with many more in the pipeline across regional and international destinations including the Seychelles and Maldives. Most imminently, the business will 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.
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”.
In addition to the benefits of controlled environment agriculture using hydroponics, Crysp Farms is rooted in a simple yet impactful principle: delivering the freshest ingredients directly to tables with minimal steps. Crysp Farms focuses on fulfilling a market gap for ultra-fresh, high-quality, and locally sourced produce. Its partners have the distinct ability to deliver leafy greens, herbs, and an array of over 130 crop varieties straight from the farm to the table. Crysp Farms’ sustainable farming practices have achieved high client satisfaction, driving steady growth through continuous innovation and cultivating a diverse range of produce within each farm.
The roadmap for Crysp Farms in 2024 promises a substantial pipeline of new partners, geographies and sectors. To find out more about Crysp Farms, visit cryspfarms.com.