Dubai fund invests in US farming tech startup
Investment Corporation of Dubai invests in Indigo Agriculture which aims to help farmers sustainably feed the planet
Investment Corporation of Dubai (ICD), the emirate's investment arm, has completed a major investment in US-based farming technology startup Indigo Agriculture.
The Dubai fund was the largest investor in its Series D funding round which raised a total of $203m.
Indigo, a company dedicated to harnessing nature to help farmers sustainably feed the planet, said in a statement that ICD will hold a board observer seat at Indigo.
"Indigo is working on solutions that address the massive problems of food security and the effects of agriculture on environmental and human health," said David Perry, Indigo's president and CEO.
"Emerging technologies in the fields of microbiology and data sciences make solving these problems possible, and financing from firms such as ICD, Baillie Gifford, and the Alaska Permanent Fund ensures that Indigo will have the capital that we need to take on these challenges."
The Series D round will support Indigo's global commercial expansion, along with its continued investment in the plant microbiome and development of software and data tools, he added.
It will also help to promote the widespread adoption of Indigo's microbial technology, as the company works to discover and commercialize products that increase agricultural yields, while decreasing reliance on synthetic fertilizers and agricultural chemicals.
Al Shaibani, executive director and CEO of ICD, said: "ICD looks for disruptive companies with potential to change industry paradigms - companies like Indigo. With a strong foundation in microbial technology, Indigo has built something much broader. It has the opportunity to fundamentally improve the agriculture business on a global scale."
Indigo, founded by Flagship Pioneering, is headquartered in Boston, with commercial operations based in Memphis and international offices in Sydney, Australia, Buenos Aires, Argentina, and São Paulo, Brazil.
Source: Arabian Business