Agtech startup Green Labs is the latest Korean startup to lay off employees  • ClassyBuzz

Green Labs, a South Korean agtech startup that raised $140 million (170 billion gained) Collection C in January final 12 months, is slicing a big variety of jobs.

Individuals aware of the matter confirmed to ClassyBuzz earlier rumors by local media outlets {that a} workforce deduction would occur.

Green Labs, which now has over 650 staff, is laying off a few of its staff as a part of a restructuring after doubling staff following its Collection C funding. ClassyBuzz reported that GreenLabs had 320 staff in January 2022.

We should not have an actual determine of what number of Green Labs plans to lay off its employees. The corporate didn’t instantly reply to ClassyBuzz’s request for remark; we’ll replace the story as and when it does.

Other than the layoff, the startup is hitting a roadblock to elevating one other spherical of funding. The outfit ran out of cash because it overstretched its enlargement, in accordance to the folks aware of the matter.

Based 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 is now main the firm.

Green Labs, whose pre-money valuation was roughly $700 million, acquired Collection C funding from BRV Capital Administration, Skylake Incuvest and SK Sq. to speed up world enlargement of its core enterprise proposition: constructing sustainable options to resolve world meals provide chain points. Green Labs has raised a complete of $170 million since its inception.

The startup has constructed sensible farming software program and {hardware} for farmers to digitize the whole worth chain of the agriculture business from crop manufacturing to distribution. The startup claimed that Green Labs’ B2C app, Farm Morning, is utilized by greater than half one million farmers. Green Labs has mentioned that the app aggregates farming knowledge after which synthetic intelligence to offers insights into crop lifecycles. Its B2B market, Sinsun Market, provides sourcing channels for over 10,000 enterprise patrons.

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