Seoul, South Korea-based agritech startup Green Labs secured $38.4M in debt financing from existing backers BRV Capital Management and Skylake Incuvest.

 

Seoul, South Korea-based agritech startup Green Labs secured $38.4M in debt financing from existing backers BRV Capital Management and Skylake Incuvest.   The firm ran out of cash last month after a fresh funding round failed to materialize. According to insiders, the company "overstretched its expansion," which led to a cash crunch. Green Labs intends to use the proceeds to revive the firm in a bid to continue its expansion in South Korea and Japan and further develop its farm monitoring app.  Last month, the firm laid off 70% of its workforce, or 350 employees, as part of its restructuring efforts.  CEO Sanghoon Shin said that the firm had reduced its expenses by 80% compared to 2022.  Green Labs reported $230M in sales in 2022.  The firm last secured $140M through its Series C round at a pre-money valuation of nearly $700M in January 2022.  Prior to the recent debt financing, the firm had raked in $170M in equity funding.