Green laboratories, a South Korean agtech business, has raised $140 million in a series C round to help it expand globally
- ByStartupStory | January 21, 2022
Green laboratories, a South Korean agtech startup, revealed this week that it has raised $140 million in a Series C round headed by BRV Capital Management and Skylake Incuvest, with participation from SK Square.
Green Labs wants to use the Series C funding, which takes its total raised to $170 million, to accelerate its global expansion, make acquisitions, and hire more people, according to Charlie Sanghoon Shin, co-founder and CEO of the company. According to a source familiar with the matter, Green Labs’ pre-money worth was roughly $700 million.
Green Labs gives farmers more control over their fresh food while also assisting enterprise customers in finding reliable procurement channels. “Farm Morning,” an app that gathers trustworthy data using AI, offering over 500,000 farmers insight into crop lifecycle, and “Sinsun Market,” a B2B fresh produce marketplace for over 10,000 enterprise customers, are among the services offered by the startup, according to the company. For farmers, it also developed smart farming software and hardware. Smart farming refers to the use of technology such as the internet of things, robotics, and artificial intelligence to manage farms.
Since 2021, the Seoul-based company has spread its smart farm technologies to China and Vietnam. It also wants to expand into additional international markets this year by forging strategic collaborations with local agtech and food tech companies that follow Green Labs’ strategy, Shin said. Shin further stated that the firm is open to cooperate in order to speed up fixing global food supply issues.
Farmers Business Network, Climate Corporation, Indigo Ag, and Ninjacart are among its global competitors, according to the business.Green Labs currently employs 320 people, according to Shin.
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