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- Greenlabs
Greenlabs Revenue, Valuation, Funding & Investors
Greenlabs is valued at $840M as of January 2022, a 3.9x multiple on its last reported $218M revenue.
Last Greenlabs valuation
$840M
Series C · Jan 2022
Last Greenlabs funding round
$140M
Series C · Jan 2022
Greenlabs revenue
$218M
Series C · Jan 2022
Key investors in Greenlabs
Magna Investment
SK Square
Hashed
CKD Venture Capital Corporation
BRV Capital Management
Mainstreet Investment
About Greenlabs
Greenlabs is a Seoul-based agritech firm offering a digital platform for farm management. Founded in 2017, the service analyzes environmental data to recommend crop varieties and automates IoT devices for optimal growth conditions. Greenlabs connects Korean farmers to sales channels and integrated services maximizing yields in rice, vegetables, and fruits.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$218M (Jan 2022)
Valuation
$840M (Jan 2022)
Greenlabs Valuation
Greenlabs is currently valued at $840M, based on its Series C in January 2022.
The $140M round was led by BRV Capital Management, with participation from SK Square and SkyLake Incuvest.
Greenlabs' valuation has grown 1.8x from $469M at its Series C in December 2021 to $840M in January 2022, across 2 priced rounds.
Greenlabs valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2022 | Series C | $840M | 3.9x |
| Dec 2021 | Series C | $469M | 6.6x |
Greenlabs Revenue
Greenlabs' latest recorded revenue is $218M, as of its Series C in January 2022. At a $840M valuation, that implies a 3.9x revenue multiple.
Revenue grew from $71M in December 2021 to $218M in January 2022, while the revenue multiple moved from 6.6x to 3.9x.
Greenlabs revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2022 | $218M | $840M | 3.9x | Series C |
| Dec 2021 | $71M | $469M | 6.6x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Greenlabs Funding History
Greenlabs has raised a total of $197M across 5 funding rounds.
Greenlabs' first fundraising round was a $4M seed round in November 2018. The most recent completed round was a $140M Series C in January 2022.
Greenlabs funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2022 | Series C | BRV Capital Management (lead); SK Square; SkyLake Incuvest | $140M | $840M | Green Labs is a South Korean agtech startup founded in 2017 that develops digital tools and smart farming solutions to help farmers manage crop production and connect with enterprise buyers. The company operates two main services: Farm Morning, an AI-powered app that aggregates farm data and provides insights into crop lifecycle for over 500,000 farmers, and Sinsun Market, a B2B fresh produce marketplace serving over 10,000 enterprise buyers. The startup also builds smart farming hardware and software that digitizes the entire agriculture value chain from crop production to distribution. In January 2022, Green Labs closed a $140 million Series C funding round led by BRV Capital Management with participation from SK Square and SkyLake Incuvest, bringing total capital raised to $170 million at that time. The round valued the company at approximately $840 million post-money (derived from the $700 million pre-money valuation stated in TechCrunch). CEO Charlie Sanghoon Shin indicated the company planned to use the funding to accelerate global expansion, make acquisitions, and increase headcount from 320 employees at the time of the round. As of December 31, 2022, Green Labs reported annual revenue of $218.07 million and EBITDA of $144.85 million, representing a revenue multiple of 3.85x and EBITDA multiple of 5.81x on the $840 million valuation. The company's comparable peers include Farmers Business Network, Climate Corporation, Indigo Ag, and Ninjacart globally, positioning Green Labs as a significant player in the digital agriculture market. |
| Dec 2021 | Series C | SK Square (lead) | $30M | $469M | Greenlabs, founded in 2017, is a South Korean agtech startup headquartered in Seoul that provides data-driven information and services to farmers via its flagship app Farm Morning, enabling crop growth monitoring, remote farm environment control, online consultations, and higher-margin sales of produce compared to traditional markets. The platform streamlines crop harvesting and distribution supply chains, offers blockchain-powered smart farming solutions, and supports digital transformation in agriculture, which has lagged in Korea. By late 2021, Farm Morning had grown to 450,000 subscribers from 10,000 in 2020, aiming for 1 million by end-2022, representing half of Korea's farmers. On December 27, 2021, SK Square, the ICT investment arm spun off from SK Telecom, invested 35 billion KRW (about $29.5 million USD) as the sole investor in this strategic round, acquiring a 4-5% stake. Sources estimate Greenlabs' valuation at 600-800 billion KRW, with officials citing around 700 billion KRW, positioning it near unicorn status (1 trillion KRW). The investment reflects SK Square's push into agtech beyond traditional ICT, with expectations that Greenlabs' revenue, trade volume, and subscribers will drive further valuation growth. For 2021, Greenlabs reported revenue around 100-106 billion KRW, with ambitions to reach 485 billion KRW in 2022 aided by the investment and partnerships. SK Square plans collaborations, including integrating Farm Morning produce sales on its affiliate 11st e-commerce platform (80% owned by SK Square) and leveraging Greenlabs' certified emissions reduction services for ESG goals. SK Square views Greenlabs as a pre-unicorn with scalable metrics directly tied to valuation. A subsequent round in January 2022 raised 170 billion KRW led by BRV Capital, indicating continued momentum. |
| Jan 2021 | Series B | Hashed; Magna Investment; MainStreet Investment Management | $18M | - | - |
| May 2020 | Series A | Next G Investment; Magna Investment; Mainstreet Investment | $5M | - | - |
| Nov 2018 | Seed | CKD Venture Capital Corporation; Magna Investment | $4M | - | - |
Who has invested in Greenlabs?
9 investors have backed Greenlabs across its funding rounds, including Magna Investment, SK Square, Hashed, CKD Venture Capital Corporation, BRV Capital Management and Mainstreet Investment.
Lead investors include BRV Capital Management and SK Square.
Greenlabs Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Nov 2018 | ||
| 2 | Lead | Dec 2021 | ||
| 1 | Participant | May 2020 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Lead | Jan 2022 | ||
| 1 | Participant | Nov 2018 | ||
| 1 | Participant | Jan 2021 | ||
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Start Free TrialAcquisitions by Greenlabs
Greenlabs has acquired 3 companies to date.
Last acquisition by Greenlabs was on October 25th 2021. Greenlabs acquired Arts Center Co. for undisclosed valuation.
Latest Acquisitions by Greenlabs
| Description | Arts Center Co. runs an online butcher shop specializing in premium cuts of pork ribs, fan meat, and beef sourced from farms in South Korea. Seoul-based, the platform delivers vacuum-sealed products like Hanwoo beef brisket and Berkshire pork belly to urban customers. The company partners with local artisans for dry-aging services and offers subscription boxes featuring seasonal meats. | Real Farm is a South Korea-based provider of smart farm integration solutions incorporating IoT for livestock management. Established in 2015, its platform monitors 100,000+ animals across 500 farms using sensors for health, feeding, and environmental controls. The system integrates with dairy processors like Lotte Foods, reducing mortality rates by 30% and boosting milk yields through real-time data dashboards. | - |
| HQ Country | |||
| HQ City | Seoul | Toulouse | - |
| Deal Date | 25 Oct 2021 | 18 Oct 2021 | 18 Jan 2021 |
| Valuation | undisclosed | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Greenlabs acquisitions and their M&A valuation multiples. Start Free Trial | |||
Greenlabs Competitors
Greenlabs competitors include listed companies like Aeva and Imdex, and private ones like Tractian, COSMOplat, Autosys Industrial Solutions Private Limited and proteanTecs.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $720M | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $651M | - | ||
| Private | $60M | - | $600M | 10.0x | ||
| Publicly listed | $18M | ($139M) | $1.1B | 35.6x | ||
| Publicly listed | $370M | $94M | $1.2B | 3.6x |
Greenlabs Public Comps
Greenlabs is still privately-owned, but its public comps include PSI Software, Shenzhen Tianyuan Dic, Yunding Technology, Nufarm, Cresud, Queclink, Baladna, Minerva, Zad Holding and Molinos Agro.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $329M | ($7M) | 2.6x | 2.5x | (127.4x) | 51.0x | |||
| $1.4B | $42M | 0.9x | - | 28.6x | - | |||
| $228M | $22M | 3.6x | - | 37.9x | - | |||
| $2.4B | $101M | 0.8x | 0.8x | 19.3x | 7.2x | |||
| $912M | $428M | 3.2x | 3.1x | 6.9x | 8.9x | |||
| $133M | $12M | 4.8x | 4.2x | 51.7x | 29.5x | |||
| $348M | $212M | 4.8x | - | 7.9x | - | |||
| $11B | $945M | 0.3x | 0.3x | 3.9x | 4.0x | |||
This data is available for Pro users. Sign up to see all Greenlabs competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Greenlabs
| When was Greenlabs founded? | Greenlabs was founded in 2017. |
| Where is Greenlabs headquartered? | Greenlabs is headquartered in Seoul, South Korea. |
| Is Greenlabs publicly listed? | No, Greenlabs is a private, VC-backed company. |
| What is Greenlabs' valuation? | Greenlabs was last valued at $840M in its Series C in January 2022. |
| How much funding has Greenlabs raised? | Greenlabs has raised $197M across 5 funding rounds. |
| What was Greenlabs' last funding round? | Greenlabs' last funding round was a $140M Series C in January 2022, led by BRV Capital Management. |
| Who are Greenlabs' investors? | Greenlabs' investors include Magna Investment, SK Square, Next G Investment, Hashed, BRV Capital Management, CKD Venture Capital Corporation, MainStreet Investment Management, SkyLake Incuvest and Mainstreet Investment. |
| What is Greenlabs' revenue? | Greenlabs' latest recorded revenue is $218M (January 2022). |
| What is Greenlabs' revenue multiple? | Greenlabs' latest valuation implies a 3.9x revenue multiple ($840M valuation on $218M of revenue). |
| Which companies are comparable to Greenlabs? | Companies comparable to Greenlabs include Tractian, COSMOplat, Autosys Industrial Solutions Private Limited, proteanTecs, Aeva and Imdex. |
| How many companies has Greenlabs acquired? | Greenlabs has acquired 3 companies, including Arts Center Co., Real Farm and RUNean. |
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