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Saudi-based agritech startup Iyris (formerly RedSea) raised USD 16 mn in a Series A round led by San Francisco’s Ecosystem Integrity Fund (EIF) with participation from existing and new investors including Global Ventures, Dubai Future District Fund, Kanoo Ventures, Globivest, and Bonaventure Capital, according to a press release. Iyris has international operations in the UAE, Egypt, Morocco, Spain, Portugal, Mexico and North America.
What we don’t know: Information about the equity size the shareholders will have to give up in return for the investment, and the structure of the investment wasn’t disclosed. It’s also unclear how much each institution invested in the round.
Use of proceeds: The freshly raised funds will go towards increasing the company’s sales coverage and international sales pipeline for its SecondSky greenhouse covers and shade nets. This is in addition to developing the agritech firm’s heat blocking products and its hybridized plant genetics.
The pitch: “Iyris’ suite of products is tailored for growers in harsh and volatile conditions, who have historically been underserved by AgriClimate Tech innovation. These growers, who often operate on thin margins, have few options to better manage their farms to reduce the risk of crop loss, increase yields, and reduce water and energy consumption,” said Sasha Brown, a partner at EIF.
By the numbers: Iyris claims that its products can save energy and water consumption by up to 90% in its target markets with “the transparent heat-blocking greenhouse roof – alone – has delivered reductions in energy usage by over 40% and water consumption by 30% at customer installations.”
ADVISORS- Kirchner Group and King & Spalding advised Iyris on the transaction.
ICYMI- Read our previous chat with Iyris co-founder and chief engineer Derya Baran where we delve into how Iyris emerged as an agritech player, how the technology works, and their outlook and priorities in the future in the GCC and beyond.
