Agtech startup Green Labs from South Korea announced its acquisition of $140 million Series C funding. The series was led by BRV Capital Management along with SK square and Skylake Incuvest.
Green Lab utilizes Series C to facilitate global expansion, for accretion and increasing headcount as informed to TechCrunch by Charlie Sanghoon Shin, CEO and co-founder. This brings its capital to $170M. IT had a pre-money valuation of $700. Aiming towards digital upliftment in agriculture from production to distribution solving the food supply problem sustainably. The green lab was launched in 2017 by Luke Donghyun Ahn, Shin and Scott Sungwoo Choi.
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Empowering farmers with controlled products, and guaranteeing customers dependable sourcing, Green Lab offers, the ‘ FARM MORNING’ AI app, giving farmers insight into the crop cycle, and ‘SINSUN MARKET’ a B2B market for fresh produce facilitating buyers. Smart farming software and hardware has been introduced by Green Lab.
Based in Seoul it has expanded to Vietnam and China since 2021. Cruising to penetrate other overseas forming collaboration and partnerships with local food tech enterprises and agtech enterprises, it is also open to collaborations to address the food supply agenda, as observed by Shin.
With 320 employees, Green Lab’s competitors in the global market are Climate Corporation, Indigo Ag, Farmers Business Network and Ninjacart.
Green Lab has realized digital agriculture in Korea. Resolving the global food supply issues with other peers as Remarked by Shin.