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Greenlabs, a South Korean agtech startup, announced this week that it has raised $140 million in a Series C round led by BlueRun Ventures, with participation from Skylake Incuvest and SK Square.
According to Charlie Sanghoon Shin, co-founder, and CEO of Greenlabs, the startup plans to use the Series C funding, which brings its total raised to $170 million, to accelerate its global expansion, make acquisitions, and increase its headcount. According to a source familiar with the situation, Greenlabs’ pre-money valuation was around $700 million.
Greenlabs, founded in 2017 by Scott Sungwoo Choi, Shin, and Luke Donghyun Ahn, aims to digitize the entire agricultural value chain, from crop production to distribution, with the goal of addressing the world’s food supply problem in a sustainable manner.
Greenlabs gives farmers more control over their fresh produce and provides enterprise customers with reliable sourcing channels. According to the company, its services include “Farm Morning,” an app that aggregates reliable data using AI, providing over 500,000 farmers with insight into crop lifecycle, and “Sinsun Market,” a B2B fresh produce marketplace for over 10,000 enterprise buyers. It also created intelligent farming software and hardware for farmers. Smart farming is the management of farms through the use of technologies such as the internet of things, robotics, and artificial intelligence.
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Since 2021, the Seoul-based company has expanded its smart farm technologies to China and Vietnam. It also intends to expand into other international markets this year by forming strategic partnerships with local agtech and food tech players who pursue similar strategies as Greenlabs, according to Shin. Shin also stated that the startup is open to collaboration in order to expedite the process of resolving global food supply issues.
Farmers Business Network, Climate Corporation, Indigo Ag, and Ninjacart are among its global competitors, according to the company.
Greenlabs has quickly realized digital agriculture through Farm Morning and Sinsun Market services in Korea, and they are all on track to become a unicorn within five years of their founding. They hope to collaborate with other like-minded players to address global food supply system issues.