Red Sea Farms has raised $18.5 million. The fundraise was co-led by Wa’ed. KAUST Innovation Fund, one of Red Sea Farms’ original investors, is also participating, along with OlsonUbben LLC, an investment entity owned by Tony Olson and Jeffrey Ubben. Tony Olson is the CEO of SPINS, and Jeffrey Ubben is the Founder and Managing Partner at Inclusive Capital Partners.
On top of that, Simon Roopchand has been appointed global COO and regional CEO for the Middle East at Red Sea Farms. The company will leverage Roopchand’s previous CEO experience with Lorne Stewart and proven track record in leading strategic growth to capitalize on the vast opportunities in the Middle East region.
Ryan Lefers, CEO of Red Sea Farms, said: “We are delighted to complete this $18.5 million fundraise and build on our impressive start to 2022. To have such esteemed investors believe in our vision is hugely validating and a testament to our business model and strategy. We’re excited to continue on our mission to address the reliance on freshwater consumption in food production and improve food security with their support and guidance. The appointment of Simon Roopchand as COO and regional CEO for the Middle East is another key milestone cementing our position as an innovative market leader and maximizing our impact across the region.”
Fahad Alidi, Managing Director at Wa’ed, commented: “Red Sea Farms has developed a truly innovative and sustainable business model that not only addresses a global issue around food security and limited agricultural resources but one that is also regionally relevant. Wa’ed is proud to be one of the early supporters to back the pioneering team at Red Sea Farms as they tackle an emerging Agtech industry with decades-long interdisciplinary research.”
Dr. Kevin Cullen, Vice President of KAUST Innovation, said: “We're incredibly proud to see the rapid development and growth of Red Sea Farms and their impact in the MENA region. KAUST Innovation has been working with Red Sea Farms from its beginnings, confident that their world-class technology would create positive environmental, social and economic impacts. We are delighted to see these ambitions, the technology and the hard work resulting in these impacts becoming a reality.”
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