Greenlabs

Based in South Korea, Greenlabs offers data-driven information services through its block-chain based “Farm Morning” app that provides farmers with farm management information, such as weather forecasts, pesticide information alongside agricultural consulting services. In addition,  Greenlabs operates a 24/7 controlled farming ecosystem, which allows real-time crop management. The company also provides a sales and distribution platform that allows farmers to sell their products at a higher margin, compared to traditional markets.  The company claims that farmers using its app report a 90% satisfaction rate. 

Farm Morning is used by over 900,000 farmers (as of March 2023) since its launch in 2021. As of January 2022, Greenlabs has expanded its services to China and Vietnam, and the company reported that it is open to collaborate with local players in its aim to expand into global markets. The company operates its headquarters in both South Korea and the US.

In May 2022 , Greenlabs signed a memorandum of understanding with the Korean Rural Development Administration (RDA) on the “Disclosure and Utilization of Public Agricultural Data”, gaining access to public and private sector agricultural data. Greenlabs planned to use the data to improve Farm Morning and expand into new markets.

In December 2021 , Greenlabs received an investment of KRW 35 billion (USD 29.5 million) from SK Square, an investment company that operates as a part of the SK Group, which brings the company’s valuation to USD 0.5–USD 0.7 billion, making it closer to a unicorn status startup. The investment will support in further expanding Greenlabs’ supply chain and distribution network. Additionally, farmers using Greenlabs’ carbon service are able to trade carbon permits with SK Square’s affiliates. 

The company reported sales of approximately USD 77 million in FY 2021 and more than USD 230 million in FY 2022.

In January 2022 , Greenlabs raised USD 140 million in Series C funding led by BRV Capital Management. The funds are expected to support Greenlabs in expanding its global presence, funding acquisitions, and hiring more employees. In March 2023, the company secured USD 38.4 million in debt financing from existing investors BRV Capital Management and Skylake Incuvest to enhance the Farm Morning app and expand its business in South Korea and Japan.