Green Labs, a South Korean agtech startup that raised $140 million (170 billion won) Series C in January last year, is cutting a significant number of jobs.
People familiar with the matter confirmed to TechCrunch earlier rumors by local media outlets that a workforce deduction would happen.
Green Labs, which now has more than 650 employees, is laying off some of its workers as part of a restructuring after doubling employees following its Series C funding. TechCrunch reported that GreenLabs had 320 employees in January 2022.
Apart from the layoff, the startup is hitting a roadblock to raising another round of funding. The outfit ran out of money as it overstretched its expansion, according to the people familiar with the matter.
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