Mon 07-12-2020 20:27 PM
ABU DHABI, 7th December, 2020 (WAM) -- FreshToHome, the world’s largest fully integrated online brand in fresh fish and meat e-commerce, will receive financial and non-financial incentives from the Abu Dhabi Investment Office, ADIO, to develop cutting-edge projects in Abu Dhabi with the intent to boost the emirate’s Agriculture Technology, AgTech, capabilities. FreshToHome will invest in next generation aquaculture and agriculture solutions aimed at supporting food production in arid and desert climates.
The incentives from ADIO will enable research and technology development to expand existing capabilities in Abu Dhabi’s AgTech ecosystem and promote innovation in the AgTech sector to address global food security challenges.
In addition to FreshToHome, ADIO has also partnered individually with two other AgTech companies, Pure Harvest and Nanoracks. Together with FreshtoHome, the three companies 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 reliable infrastructure, enabling regulations to drive cutting-edge innovation across the entire agriculture value chain. The new partnerships are a continuation of ADIO’s efforts to accelerate the growth of Abu Dhabi’s AgTech ecosystem through the AgTech Incentive Programme.
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."
Shan Kadavil, CEO and Co-Founder of FreshToHome, said: "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."
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) - the principal investment arm of the Government of Dubai, Investcorp - a leading global manager of alternative investments, Ascent Capital - a leading India-focused growth capital provider, DFC - the U.S. Government’s development finance institution, the Allana Group and Iron Pillar, the lead investor from FreshtoHome’s Series B raise. Support from its existing large Middle East-based investors such as CE-Ventures - the corporate venture capital platform of Crescent Enterprises, significantly helped in aiding its expansion in the UAE, where it is already one of the top 5 e-grocers.