The Abu Dhabi Investment Office (ADIO) will include financial and non-financial benefits to FreshToHome, the world's largest fish and meat retailer.
FreshToHome will invest in next-generation aquaculture and agriculture technologies that will help sustain food production in arid and desert environments. The ADIO incentives will support research and technology growth in Abu Dhabi's agriculture technology (AgTech) ecosystem, as well as foster innovation to resolve global food security issues.
ADIO has collaborated with two other AgTech firms, Pure Harvest and Nanoracks, in addition to FreshToHome. The three companies will earn a total of Dhs152 million ($41 million) in financial and non-financial incentives to expand their operations in Abu Dhabi and tap into the emirate's ecosystem and infrastructure.
According to Dr. Tariq Bin Hendi, director general of ADIO, "the emirate's AgTech ecosystem is rapidly growing, resulting in new technologies that help the development of the agriculture sector in the emirate, region, and beyond."
FreshToHome is part of the thriving network of AgTech companies, farmers and other agricultural players in Abu Dhabi, where its expertise will contribute to the overall capacity of the ecosystem, while also benefiting from collaborations, opportunities, and support to propel it forward to the next stage of development.
FreshToHome CEO and co-founder Shan Kadavil said, "At FreshToHome, we use cutting-edge research in AI and precision aquaculture to further food security in a sustainable manner while also providing better value to customers, fishermen, and farmers. To that end, we intend to bring to Abu Dhabi our AI-powered virtual commodities exchange technology, our e-grocery platform, and our nano farm aquaculture technology, all of which will improve food production and distribution in the area."
Investor of the Series B investor Iron Pillar, FreshtoHome has recently raised $ 121 million of Series C financing under the leadership of Dubai Investment Corporation (ICD), Investcorp, Ascent Capital, United States International Development Finance Corporation (DFC) and Allana.
Congratulation!