Greenlabs, a South Korean agtech startup, announced this week it has closed a $140 million Series C led by BlueRun Ventures, with participation from Skylake Incuvest and SK Square.

The startup plans to use the Series C, which brings its total raised to $170 million to date, to expedite its global expansion, make acquisitions and increase its headcount, Charlie Sanghoon Shin, co-founder and CEO of Greenlabs, told TechCrunch. Greenlabs’ pre-money valuation was around $700 million, according to a source familiar with the situation.  

Greenlabs, founded in 2017 by Scott Sungwoo Choi, Shin and Luke Donghyun Ahn, wants to digitize the entire value chain of agriculture space from crop production to distribution with a mission to address the global food supply problem in a sustainable way.

Greenlabs empowers farmers to have better control over their fresh produce and helps enterprises customers have reliable sourcing channels. The startup offers services including “Farm Morning,” an app that aggregates reliable data using AI, giving more than 500,000 farmers insight into crop lifecycle, and “Sinsun Market,” a B2B fresh produce marketplace for over 10,000 enterprise buyers, the company said. It also built smart farming software and hardware for farmers. Smart farming refers to managing farms using technologies like internet of things, robotics and artificial intelligence.

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