Green Labs, a South Korean agriculture startup, has been added to the portfolio of SK Square, the SK Group’s information and communication technology subsidiary, with a 35 billion won ($29.5 million) investment as a single investor.
The company, which has offices in Seoul and San Francisco, runs a blockchain-powered smart farming platform called “Farm Morning,” which is committed to improving agricultural harvesting and distribution supply chains and offering farmers data-driven consultancy services.
As per the firm, Green Labs’ present enterprise value is 600 billion to 800 billion won, and the company will soon achieve a unicorn valuation of over $1 billion.
With 450,000 customers, the platform’s income is expected to surpass 100 billion won by the end of the year, according to SK Square. By 2022, the firm wants to have five times the income and twice the number of members.
According to SK Square, the investment would establish the framework for a prospective partnership with its portfolio firms, including e-commerce subsidiary 11st, with the synergy potentially leading to a larger distribution channel for Farm Morning members. In addition, SK Group affiliates will also be able to sell carbon credits with farmers through the “Farm Morning Carbon” program.
Green Labs’ most recent round of investment, an $18 million Series B round led by Hashed, was disclosed in January. The firm, launched in 2017, has raised 40 billion won in capital.
The announcement comes a month after SK Square, a subsidiary of South Korea’s biggest telecom SK Telecom, disclosed its blockchain bet.
With a 90 billion won investment, SK Square has become the second-largest stakeholder in Korea’s digital currency exchange operator Korbit. It also invested 8 billion won in Onmind, a virtual human creator supported by Kakao, in return for a 40% interest.
SK Square purchased a majority share in 11st, security service business SK Shieldus, and navigation service provider T Map Mobility shortly after the carve-out. SK Square also has a 20% investment in SK Hynix, a Korean memory chip and flash drive manufacturer, and a 48% stake in One Store, making it the biggest stakeholder in both firms.
One Store, for example, has registered for an initial public offering (IPO) with the Korea Exchange with the hopes of being listed on the Korean stock exchange next year.