**Abu Dhabi**: The Abu Dhabi Investment Office has announced a $41 million funding initiative for agritech firms, including FreshToHome and others, to enhance agricultural technology and ensure food security, showcasing the emirate’s commitment to innovation and economic diversification.
The Abu Dhabi Investment Office (ADIO) has announced a significant investment of US$41 million in several firms focused on transforming agricultural practices in the emirate. This funding will support Bengaluru-based FreshToHome, alongside two agritech companies—Pure Harvest and Nanoracks—in their endeavours to enhance agricultural technology initiatives in Abu Dhabi.
FreshToHome, established in 2015, has carved a niche by providing cold chain solutions, enabling farmers and fishermen to sell their products directly to consumers through its e-commerce platform. With this new partnership, the company aims to leverage Abu Dhabi’s innovation ecosystem and infrastructure to further enhance food production and distribution capabilities in the region.
Pure Harvest, which is headquartered in Abu Dhabi, is committed to producing greenhouse fruits and vegetables, focusing on sustainable agricultural practices. Nanoracks, a US-based firm, is taking a novel approach by working to establish a space-based farming centre, reflecting a growing interest in advanced agricultural methodologies.
“We intend to bring our US patent pending AI-powered Virtual Commodities Exchange technology, our e-grocery platform and our nano farm aquaculture technology to Abu Dhabi, enhancing food production and distribution for the region,” stated FreshToHome CEO and co-founder Shan Kadavil during discussions with Mint.
The investment from ADIO is part of a broader strategy to accelerate the growth of agritech in the emirate, facilitated through the AgTech Incentive Programme. This initiative underscores Abu Dhabi’s commitment to fostering innovation in agriculture and ensuring food security, aligning with the emirate’s long-term economic diversification goals.
FreshToHome’s latest funding round follows a recent successful Series C financing in which the company raised US$121 million, led by the Investment Corporation of Dubai, reflecting growing confidence in the agritech sector and its potential for expansion within the region.
Source: Noah Wire Services
- https://globalaginvesting.com/abu-dhabi-invests-us41m-across-three-agtech-companies-advance-innovation-land-sea-space/ – This article corroborates the investment by ADIO in Pure Harvest, FreshToHome, and Nanoracks to enhance agricultural technology across land, sea, and space. It highlights ADIO’s efforts to foster growth in the agtech sector through its AgTech Incentive Programme.
- https://thespoon.tech/adio-invests-41m-to-improve-farming-on-land-at-sea-and-in-space/ – This article supports the claim that ADIO invested $41 million in agtech companies to develop innovations on land, at sea, and in space, focusing on food security challenges. It mentions partnerships with Nanoracks, FreshToHome, and Pure Harvest.
- https://www.freshtohome.com/ – This is the official website of FreshToHome, which provides an e-commerce platform for fresh produce and controls its entire supply chain, aligning with the article’s description of the company’s operations.
- https://www.nanoracks.com/ – This is the official website of Nanoracks, which details its involvement in space-based research and technology, supporting the claim about its role in establishing a space-based farming center.
- https://www.pureharvest.ae/ – This is the official website of Pure Harvest, which highlights its focus on sustainable agricultural practices and controlled environment agriculture, corroborating the article’s description of the company.
- https://www.investcorp.com/en/news/press-releases/2022/02/01/investment-corporation-of-dubai-leads-121-million-series-c-funding-round-for-freshtohome – This press release mentions the successful Series C funding round for FreshToHome, led by the Investment Corporation of Dubai, which aligns with the article’s mention of the company’s recent funding.
- https://www.techinasia.com/indias-freshtohome-bags-investment-abu-dhabi-investment-office – Please view link – unable to able to access data
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative mentions recent investments and funding rounds, indicating relatively fresh information. However, without specific dates for the investment announcement, it’s difficult to assess its absolute freshness.
Quotes check
Score:
6
Notes:
The quote from FreshToHome CEO Shan Kadavil is attributed to discussions with Mint, but the original source or date of the quote could not be verified online.
Source reliability
Score:
8
Notes:
The narrative originates from Tech in Asia, a reputable publication known for covering technology and business news in Asia. However, the reliability could be further enhanced with more diverse sources.
Plausability check
Score:
9
Notes:
The claims about investments and partnerships in the agritech sector align with Abu Dhabi’s economic diversification goals and recent trends in agricultural technology. The narrative seems plausible given the context.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative appears to be relatively fresh, with plausible claims about recent investments in the agritech sector. While the source is reliable, the quote’s original source could not be verified. Overall, the information seems credible and well-supported.
