AgriTech Startup Greenlabs Bags $140M Series C to Accelerate Global Expansion
Greenlabs, a startup member of Born2Global Centre, has announced that it has raised $140M in a Series C funding round to accelerate its global expansion. Three institutional investors participated in the latest round: BRV Capital Management; Skylake Incuvest & Co.; and SK Square. This investment brings the total raised to more than $176M.
Founded in 2017, Greenlabs is Korea’s leading AgTech company, having digitized the complete agricultural industry value chain from production to distribution. With a mission to sustainably innovate the food supply chain, Greenlabs empowers agricultural producers to better control their fresh produce while providing its enterprise customers with reliable sourcing channels. Its service offerings include the “Farm Morning” app, a smart farm system for produce growers; and “Sinsun Market” for enterprise buyers of fresh produce.
This investment comes on the heels of rapid growth of the Greenlabs Farm Morning app and Sinsun Market platform, serving over 500,000 produce growers and 10,000 buyers.
The Series C round will serve to accelerate Greenlabs’ global expansion. The startup, with its smart farm technologies for strawberries and Korean ginseng, has already expanded into China and Vietnam. By leveraging the Farm Morning platform, Greenlabs is seeking to enter foreign markets by forming strategic partnerships with local players with similar strategies to Greenlabs.
“Greenlabs has quickly implemented digital agriculture through Farm Morning and Sinsun Market services in Korea and is positioned to become a unicorn within 5 years of its foundation. We hope to contribute to resolving global food supply system issues with like-minded partners,” said Greenlabs CEO and Co-Founder Charlie Sanghoon Shin.