The Bengaluru-based online fresh fish and poultry delivery startup FreshToHome is raising financial and non-financial incentives from the Abu Dhabi Investment Office (ADIO). The purpose of this funding is to develop cutting-edge innovation in desert agriculture and aquaculture in Abu Dhabi.
FreshToHome has also partnered with other agritech companies like Nanoracks and Pure Harvest. Along with FreshToHome, they will receive financial and non-financial incentives totalling AED 152 million ($41 million) to expand their operations in Abu Dhabi and tap into the emirate’s innovation ecosystem and infrastructure, enabling regulations to drive cutting-edge innovation across the entire agriculture value chain.
The statement added that the new partnerships are a continuation of ADIO’s efforts to accelerate the growth of Abu Dhabi’s agritech ecosystem through the AgTech Incentive Programme.
FreshToHome team
Shan Kadavil, CEO and Co-Founder of FreshToHome, said in a press statement shared by the company,
“At FreshToHome, we use cutting-edge research in AI and precision aquaculture for furthering food security in a sustainable manner while also giving better value to consumers, fishermen and farmers. To this end, 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. ADIO has been a terrific partner to us and we are thankful for their support in helping us be part of the vision.”
The startup is also looking to expand farming, supply chain, and processing capabilities across precision agriculture and aquaculture in Abu Dhabi. The incentives from ADIO will be towards research and tech development, and to expand the existing capabilities in the Abu Dhabi agritech ecosystem and promote innovation.
HE Dr Tariq Bin Hendi, Director-General of ADIO, said,
“The rapid growth of Abu Dhabi’s AgTech ecosystem is giving rise to new technologies supporting the advancement of the agriculture sector in the emirate, region, and beyond. We have created an environment where innovators are supported to turn their ideas into reality. FreshToHome is part of a thriving network of AgTech companies, farmers and other agriculture players in Abu Dhabi, where its expertise will contribute to the overall capabilities of the ecosystem, while also benefiting from partnerships, opportunities and support to fuel its next stage of growth. We look forward to working closely with FreshToHome in the coming months to create new innovations that will advance our goal of turning the desert green.”
FreshToHome had recently announced raising India’s largest Series C investment in consumer tech of $121M, from prestigious investors including Investment Corporation of Dubai (ICD), Investcorp, Ascent Capital, DFC , the Allana Group, and Iron Pillar — the lead investor from FreshtoHome’s Series B raise.
Edited by Kanishk Singh
Link : https://yourstory.com/2020/12/funding-alert-freshtohome-abu-dhabi-investment-office
Author :- Sindhu Kashyaap ( )
December 07, 2020 at 01:02PM
YourStory