Green Labs, a Korean startup offering a blockchain-based smart farming platform, has secured USD 38.4 million in debt financing from existing investors BRV Capital Management and Skylake Incuvest, just a month after the startup laid off ~70% of its workforce (350 people) as part of a restructuring. 

The company intends to use the funds to enhance the Farm Morning app and expand its business in South Korea and Japan.

Analyst QuickTake: Green Labs received significant funding in a Series C round led by BRV Capital Management in January 2022 to support expanding its global presence, funding acquisitions, and hiring more employees. However, due to the freezing of South Korea's bond market and lenders' suspension of factoring financing, Green Labs had to repay all of its significant loans at once, resulting in restructuring and layoffs. The company is now relying on debt financing to rebound and grow.