N.Thing, a Seoul, South Korea-based AgriTech startup, raised $21m in series B funding that is up from a $5m in previous series that is secured $26m in total.
The Series B round was led by InterVest and Kiwoom Investment where are the follow-on investment from existing investors as well, and new participation from Ascendo Ventures, SL Investment, IGIS Asset Management and KT&G.
The company will use the funds to execute its plans for global commercialization of ‘CUBE’ with cultivated crops and portfolio expansion. Near-term milestones include scaling-up the supply chain, growing operations, and expanding its product lines and technology platform both domestically and internationally. N.Thing is currently working with Emart, a retailer in Korea to distribute crops via newly built vertical farm units which will launch within this year in Icheon, Korea.
Established in January 2014, N.Thing is a Agri-Food tech company leading innovation in agricultural products, by extension, in the farm-to-table food value chain by combining IoT technology and data. It developed a modular vertical farm ‘CUBE’ with mass productivity where a dedicated OS provides the most optimized environment for each crop so as to create maximized efficiency.
May 2021, N.Thing signed a deal with Sarya Holdings in the United Arab Emirates to construct a $3 million vertical farm within this year. The company will also collaborate to bolster Abu Dhabi’s long-term focus on food resilience.
FinSMEs
04/10/2021