Seoul, South Korea, October 4, 2021 / PRNewswire / – Korean startup AgriTech N. Thing, has raised $ 21 million in the Series B fundraiser which is up a $ 5 million in the previous series which is secure $ 26 million in total. This is an additional round of Series B funding, led by InterVest and Kiwoom Investment, which also includes follow-on investments from existing investors and new stake from Ascendo Ventures, SL Investment, IGIS Asset Management and KT&G .
InterVest, one of the top super startup investors in Korea and is now expanding its presence in South East Asia globally, led this fundraising as a financial investor. E1, Korea’s innovative eco-friendly energy and LPG company, has joined N.THING as a new strategic investor, which manages a mega business fund related to ICT, energy and ESG. And KT&G, the tobacco leader in South Korea has also joined this cycle hoping to enrich the diversity of cultures and its market abroad. With this increase, N.THING has joined forces with patient capital to expand its market globally on the basis of its advanced agricultural solution.
The 7-year-old Seoul is one of the frontiers of vertical agriculture, where vegetables are grown without pesticides, pollution and contamination all year round. N.Thing aims to encourage everyone to embrace agriculture by developing smart and sustainable agricultural products and services. Launched in 2014, N. Thing offers ‘CUBE’, a vertical modular container farm and its ‘CUBE OS’ solution. In May 2021, N. Thing signed an agreement with Sarya Holdings in the United Arab Emirates build a $ 3 million vertical farm during this year.
The company will use its latest investment to execute its plans to market “CUBE” globally with crops grown and expanding its portfolio. Near-term milestones include intensifying the supply chain, growing operations, and expanding its product lines and technology platform nationally and internationally. The company is currently working with Emart, the largest retailer in Korea, to distribute the crops through newly built vertical farm units to be launched this year in Icheon, Korea.
N. Thing will also collaborate to strengthen that of Abu Dhabi long-term focus on food resilience. As a strategic partner of Sarya Holdings, N. Thing will assess the creation of vertical agricultural clusters in Abu Dhabi to supply its crops grown in the UAE and the wider GCC region.
Jinwoo Song, Managing Director of InterVest, said: “N.THING has two key factors to beat the market, such as sustainable supply and accessibility to buyers. We therefore believe that they can play a key role in shaping this agenda in global markets by innovating the food value chain. We are delighted to partner with them.
Chris lee, Chief Financial Officer of N. Thing, added: “This cycle has been very significant for our future growth and global expansion, joined by strategic investors, including KT&G, strongly supporting us to become the world-class agro-tech entrepreneur that we had guided from the beginning. “
N. Thing recently opened its first smart farm showroom, ‘Sik Mul Sung Dosan’ in Seoul, the complex space of the upscale store with the flagship product of N. Thing while communicating more closely with customers and sharing the value and essence of freshness.
“The new capital from our current and new investors, and the additional support from our long-term investing partners are concise of the critical need for new solutions for our agricultural system. This funding not only fuels our continued expansion, but also assesses ESG (environmental, social, and governance), food miles ultimately for the digital transformation of agriculture. ” noted Leo Kim, CEO and founder of N.THING.
Established in January 2014, N.THING is a SeoulAgri-food technology company based at the forefront of innovation in agricultural products, by extension, in the food value chain from farm to fork by combining IoT technology and data. She developed the world’s first modular vertical truss “CUBE” which is easy to expand. N.THING CUBE is a mass-productivity modular farm where a dedicated operating system provides the most optimized environment for each crop to create maximum efficiency. N.THING is the first intelligent agricultural company in the world to win the iF Design Award, Architecture in 2020. It is also a Best of Innovation winner at CES 2020 for its excellence in technology, which is first in agriculture. . N.THING plans to expand its business on a large scale this year after successfully completing the PoC process in UAE
About Sarya Holdings
Sarya Holdings is a general trading company in the United Arab Emirates that owns Smart Acres, an agribusiness company that launches and operates IoT-based hydroponic vertical farms in tandem with N.THING in the Middle East. It is also a parent company of Sarya General Trading, a food trading company, and Sarya Industries, a manufacturer and distributor of chemicals. For more information; http://www.sarya.ae
Founded in 1999, as a leading VC in Korea, Intervest delivers a differentiated value proposition to superb startups by providing convenient management support and a world-class globalization platform. Invest on a global scale, gradually extend its geographical presence from South East Asia with currently the management of $ 1 billion assets. For more information; http://www.intervest.co.kr
N.THING pictures: link
SOURCE N. THING