Kul Bhushan · · 1 min read🇰🇷 agritech startup harvests $140m in series C money
Greenlabs, a South Korea-based startup that focuses on digitalizing the value chain for the agriculture industry, has raised US$140 million in a series C round led by BRV Capital Management, Skylake Incuvest, and SK Square.
Photo credit: Greenlabs
The latest funding brings Greenlabs’ valuation to nearly US$900 million. The company has raised a total of US$170 million to date.
Greenlabs aims to give farmers better control over their fresh produce and connect enterprise customers to reliable sourcing channels.
Its services include a Farm Morning, a smart system gives farmers insights into their crop lifecycle. This smart system also has an app that serves more than 500,000 farmers. Greenlabs also runs Sinsun Market, a B2B marketplace that specializes in fresh produce.
The company was founded by Scott Sungwoo Choi, Charlie Sanghoon Shin, and Luke Donghyun Ahn in 2017.
Greelabs will use the fresh capital to expedite its global expansion plans. It’s also looking to enter newer markets through partnerships with local players. It has already set up shop in China and Vietnam.
Greenlabs has tapped into Korea’s digital agriculture market, and it is “well poised to become a unicorn” just five years after it was established, said Shin, who serves as the company’s CEO.
Editing by Collin Furtado and Eileen C. Ang
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