Green Labs, a South Korean AgTech startup, announced it raised $38.4M in debt financing.
The news comes a month after it let go of 70% of its staff (350 people).
- Green Labs works on Farm Morning, an app that aggregates farm data and gives insights on the crops' lifecycle using AI.
- The company claims 900,000 users, growing by 3x in the past 12 months.
- The startup last raised $140M Series C in Jan. 2022, after which it ran out of capital due to overexpansion.
- Green
Labs took to borrowing money for cash liquidity with credit sales as
collateral; however, Lotte suspended the factoring financing in late
2022, which led to the startup having to pay loans all at once.
