Inexperienced Labs, a South Korean agtech startup that raised $140 million (170 billion received) Sequence C in January final 12 months, is slicing a major variety of jobs.

Folks accustomed to the matter confirmed to TechCrunch earlier rumors by native media retailers {that a} workforce deduction would occur.

Inexperienced Labs, which now has over 650 workers, is shedding a few of its employees as a part of a restructuring after doubling workers following its Sequence C funding. TechCrunch reported that GreenLabs had 320 workers in January 2022.

We don’t have an actual determine of what number of Inexperienced Labs plans to put off its employees. The corporate didn’t instantly reply to TechCrunch’s request for remark; we’ll replace the story as and when it does.

Other than the layoff, the startup is hitting a roadblock to elevating one other spherical of funding. The outfit ran out of cash because it overstretched its growth, based on individuals accustomed to the matter.

Based in 2017 by Sanghoon Shin, Scott Sungwoo Choi and Luke Donghyun Ahn, the 2 founders, Choi and Ahn, have already left the startup, and Shin is now main the corporate.

Inexperienced Labs, whose pre-money valuation was roughly $700 million, acquired Sequence C funding from BRV Capital Administration, Skylake Incuvest and SK Sq. to speed up world growth of its core enterprise proposition: constructing sustainable options to resolve world meals provide chain points. Inexperienced Labs has raised a complete of $170 million since its inception.

The startup has constructed good farming software program and {hardware} for farmers to digitize your entire worth chain of the agriculture trade from crop manufacturing to distribution. The startup claimed that Inexperienced Labs’ B2C app, Farm Morning, is utilized by greater than half one million farmers. Inexperienced Labs has mentioned that the app aggregates farming knowledge after which synthetic intelligence to offers insights into crop lifecycles. Its B2B market, Sinsun Market, gives sourcing channels for over 10,000 enterprise patrons.