SK Group’s ICT subsidy SK Square has become the sole investor of Green Labs, a South Korean agri-tech startup with an investment of $29.5 billion. Green Labs started in 2017, having headquarters in Seoul and San Fransisco. It primarily works on its home-grown project “Farm Morning,” a blockchain-powered platform offering smart farming solutions.
On the path to becoming the next Korean unicorn startup
Green Labs’ platform streamlines the supply chain of crop harvesting and distribution as it claims to optimize the process. Besides, the platform also offers data-driven consultation to farmers. Overall, the platform helps in a smooth farm-tech transition for farmers. With the new investment of SK Square, the startup is only a few million away to get on the list of unicorn startups. According to officials, its valuation amounts to around 700 billion won at present.
Farm Morning’s subscription number has reached 450,000, jumping from 10,000 last year. According to reports, the company’s revenue is projected to cross 100 billion won by 2021 year-end. Additionally, industry experts suggest that the revenue is likely to skyrocket, doubling the number of subscribers by next December. If Green Labs reaches the number, it will be 50% of farmers of the total farmers in South Korea.
SK Square open to more collaborations
SK Square stated that the company is looking for further collaborations with its portfolio firms. The list may include 11st, its e-commerce subsidy to widen the distribution channels of Farm Morning. SK Square stated that the platform subscribers could trade carbon credits with SK group affiliates.
SK Square has taken an avid interest in the blockchain and crypto industry. Its recent investment in Korbit has made it the second-largest shareholder of the platform. The investment amounted to 90 billion won, which was announced in October this year.
Apart from crypto, the company recently acquired a 40% stake in Onmind with its 8 billion won investment. Onmind is a South Korean tech platform operating in Virtual Reality services known for its 3D avatar creations.
SK Square has shown a diverse tech portfolio. The company has acquired a controlling stake in T Map Mobility, 11st, One Store and SK Shieldus.
SK Square stated that the Korean agriculture sector has been slow in digital transformation. However, since the new platform encourages smooth digital transitions, it is expected to boost the Korean Agro-tech industry.