Green Labs secures $38.4M in debt financing about a month after conducting layoff

Green Labs, a Seoul-based agritech startup, has secured $38.4 million (50 billion won) in debt financing from existing investors BRV Capital Management and Skylake Incuvest. The new funding comes just a month after the startup laid off around 70% of its workforce, or 350 people, in February as part of a restructuring, 
Green Labs CEO Sanghoon Shin said in an interview with TechCrunch that it now has a headcount of 150 people, adding that the company’s selling, general, and administrative expenses (SG&A) had been reduced by about 80% compared to year-end 2022.
The startup has built sm

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