Korean startup raises $140M to accelerate expansion

Greenlabs 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 has 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.

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.

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