FreshToHome to receive financial and non-financial incentives from the Abu Dhabi Investment Office (ADIO) to develop cutting-edge innovation in desert agriculture and aquaculture in Abu Dhabi
FreshToHome to expand farming, supply chain and processing capabilities across precision agriculture and aquaculture in Abu Dhabi
BENGALURU, India, Dec. 10, 2020 /PRNewswire/ -- 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 totaling 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.
H.E. 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.
About FreshToHome
Home is the world's largest fully integrated online brand in fresh fish, poultry and meat e-commerce, with approximately 1.5 Million B2C orders per month and $85M (~INR 600 Crore) annualized sales run rate on its platform. FreshToHome enables its marketplace sellers to source and sell high-quality meat and fish directly from livestock farmers and fishermen and is present in most major Indian cities and UAE. Shan Kadavil and other co-founders of FreshToHome have a Silicon Valley entrepreneurship background, having been part of leadership teams of companies such as Zynga. Some of the early backers of FreshToHome include Mark Pincus - Zynga founder, David Krane - CEO of Google Ventures, Pete Briger - Chairman of Fortress, Abdul Aziz Al-Ghurair - Chairman of Mashreq Bank, Rajan Anandan of Sequoia, Walter Kortschak and other renowned investors.
Advertisements