E Green Global bags US$9.2M funding

South Korea: E Green Global (EGG), a South Korean agricultural biotech company, has secured KRW 10 billion (US$9.2 million) in a funding round from YD-SK-KDB Social Value Fund.

EGG plans to use the capital to expand its production facility to supply seed potatoes to its US and Chinese clients, with whom it has signed a contract worth KRW 100 billion (US$92 million).

The new round of financing will also be used for research and development (R&D) in areas including technology related to biological resources, application of technologies, such as AI and smart farming in agriculture, and integrated research on other food crops.

EGG is an agritech company established based on the plant factory platform to increase the productivity of various agricultural produce.

The startup aims to lead the global market for seed potatoes by overcoming the limitations of its supply chain, which is crucial to enhance the productivity of the production.

“Nobody had been successful in commercializing the MCT for decades, yet EGG made it possible with its willpower and dedication to its mission of alleviating world hunger,” a spokesperson from the fund said.

“We look forward to the positive social impact EGG will make, as it contributes to resolving the global food problem by increasing the quality and productivity of major food crops as well as contributing to developing crops that are resilient to climate change,” he further added.