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Greenlabs, a South Korean agtech startup, introduced this week it has closed a $140 million Sequence C led by BlueRun Ventures, with participation from Skylake Incuvest and SK Sq..
The startup plans to make use of the Sequence C, which brings its complete raised to $170 million so far, to expedite its international enlargement, make acquisitions and enhance its headcount, Charlie Sanghoon Shin, co-founder and CEO of Greenlabs, instructed TechCrunch. Greenlabs’ pre-money valuation was round $700 million, in keeping with a supply accustomed to the state of affairs.
Greenlabs, based in 2017 by Scott Sungwoo Choi, Shin and Luke Donghyun Ahn, desires to digitize all the worth chain of agriculture area from crop manufacturing to distribution with a mission to deal with the worldwide meals provide drawback in a sustainable method.
Greenlabs empowers farmers to have higher management over their recent produce and helps enterprises prospects have dependable sourcing channels. The startup provides providers together with “Farm Morning,” an app that aggregates dependable information utilizing AI, giving greater than 500,000 farmers perception into crop lifecycle, and “Sinsun Market,” a B2B recent produce market for over 10,000 enterprise patrons, the corporate stated. It additionally constructed sensible farming software program and {hardware} for farmers. Good farming refers to managing farms utilizing applied sciences like web of issues, robotics and synthetic intelligence.
The Seoul-based agency has expanded to China and Vietnam with its sensible farm applied sciences since 2021. It additionally plans to penetrate to different abroad nations this 12 months by forming strategic partnerships with native agtech and foodtech gamers, which play comparable methods to Greenlabs, Shin stated. Additionally, the startup is open for collaboration to hurry up the method of resolving the worldwide meals provide issues, Shin added.
Its comparable friends embody Farmers Enterprise Community, Local weather Company, Indigo Ag and Ninjacart within the international market, the corporate stated.
Greenlabs presently has 320 workers, Shin famous.
“Greenlabs has rapidly realized the digital agriculture via Farm Morning and Sinsun Market providers in Korea, and we’re all properly poised to turn into a unicorn inside 5 years because the basis. We hope to contribute to resolving the worldwide meals provide system points with different like-minded gamers,” Shin stated.
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