Green Labs develops smart farming software and hardware to digitize the agriculture value chain, operating the Farm Morning app and a B2B marketplace called Sinsun Market. Its Farm Morning app aggregates farm data and uses AI to provide crop lifecycle insights and a networking layer for farmers; 900,000 farmers in South Korea use the app and that figure tripled in the past 12 months since its 2021 launch. The company also ran an accounts receivable factoring service, buying produce from farmers and selling to B2B partners, which contributed to a liquidity crunch when the Korean bond market froze. Green Labs reported roughly $77M in sales in 2021 and more than $230M in 2022, then laid off about 70% of staff (350 people) in February and cut SG&A by about 80% versus year-end 2022; headcount is now about 150. It has 300,000 users in Japan after launching there in fall 2023 and plans to further advance the Farm Morning app and expand in South Korea and Japan while running its invoice-discounting business more conservatively. Green Labs offers a suite of smart-farming products including Farm Morning, an AI-driven app that aggregates data and gives insights to more than 500,000 farmers, and Sinsun Market, a B2B fresh-produce marketplace serving over 10,000 enterprise buyers. The company also builds smart farming software and hardware that leverage IoT, robotics and artificial intelligence to help farmers manage operations. Since 2021 Green Labs has expanded its smart-farm technologies to China and Vietnam and plans further overseas expansion via strategic partnerships. It intends to use new funding to expedite global expansion, pursue acquisitions and increase headcount. The startup currently employs 320 people and has positioned itself against global peers such as Farmers Business Network, Climate Corporation, Indigo Ag and Ninjacart. Green Labs has raised $170 million to date and reported a pre-money valuation of around $700 million for the latest round.

Total raised

$178M

Funding rounds

2

Latest round

Debt Financing

Latest activity

Mar 2023