Green Labs, a Korean startup that has undergone a restructuring process due to financial difficulties, is now set with a new chairman of the board and a business normalization plan. The company plans to focus on its core business, Farm Morning, a community-based data agriculture solution, and accelerate business normalization.
According to news reports, in a recent board meeting, Chung Eui-min, the executive director of BRV Capital Management, the largest shareholder of Green Labs, was appointed as the board’s new chairman. BRV, an Asian investment company of Bluerun Ventures invested 100 billion won ($83 million) in Green Labs last year. BRV became the largest shareholder after transfusing an additional 50 billion won ($38.4 million) last month, with Skylake Incuvest during the company’s financial difficulties. Green Labs, an agritech startup, had laid off around 70% of its workforce, or 350 people in February as part of a restructuring.
The new business normalization plan, dubbed “Green Labs 2.0,” will focus on advancing the data farming solution Farm Morning and expanding the company’s global business. Green Labs was previously criticized for its unclear business model and vision as it aggressively expanded its domestic agricultural wholesale distribution business and smart farms. The company plans to refocus on its initial business model and vision of data-based agricultural innovation and high-quality transactions.
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