Green laboratoriesa South Korean agtech startup that raised $140 million (170 billion won) Series C in January last year is cutting a significant number of jobs.
People familiar with the case confirmed previous rumors to businesskinda.com local media outlets that there would be a staff cut.
Green Labs, which now has more than 650 employees, is laying off some of its employees as part of a restructuring after doubling its number of employees following its Series C financing. businesskinda.com reported that GreenLabs had 320 employees in January 2022.
We don’t have an exact figure of how many Green Labs are planning to lay off their staff. The company did not immediately respond to businesskinda.com’s request for comment; we’ll update the story if and when it does.
Aside from the layoff, the startup is hitting a roadblock trying to secure another round of funding. According to people familiar with the matter, the company ran out of money because it overstretched its expansion.
Founded in 2017 by Sanghoon Shin, Scott Sungwoo Choi and Luke Donghyun Ahn, the two founders, Choi and Ahn, have already left the startup and Shin now leads the company.
Green Labs, whose pre-money valuation was approximately $700 million, received Series C financing from BRV Capital Management, Skylake Incuvest and SK Square to accelerate global expansion of its core business proposition: building sustainable solutions to solve global environmental problems. the food supply chain. Green Labs has raised a total of $170 million since its inception.
The startup has built smart farming software and hardware for farmers to digitize the entire agro industry value chain, from crop production to distribution. The startup claimed that Green Labs’ B2C app, Farm Morning, is used by more than half a million farmers. Green Labs has said that the app collects agricultural data and then artificial intelligence to understand crop life cycles. The B2B marketplace, Sinsun Market, provides purchasing channels for more than 10,000 business buyers.
Janice has been with businesskinda for 5 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider businesskinda team, Janice seeks to understand an audience before creating memorable, persuasive copy.