Green Labs, a Korean startup offering a blockchain-based smart farming platform has 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 that manages investments in the ICT and semiconductor sectors.

Following the investment, Green Labs was estimated to be valued at around USD 0.5–0.7 billion, closer to reaching unicorn status. The use of the investment was not disclosed; however, according to SK Square, the investment will allow collaboration between Green Labs and SK Square portfolio companies, which includes ecommerce platform Eleven Street Co (11st) that will help in further expanding Green Labs’ supply chain and distribution network. In addition, farmers using Green Lab’s carbon service will be able to trade carbon with SK Group companies.

SK Square also reports that Green Lab’s revenue for FY2021 is expected to be over KRW 100 billion (USD 84 million), with around 450,000 subscribers and that the startup aims revenue and number of subscribers to increase 5x and 2x, respectively, by 2022.