https://www.mk.co.kr/news/business/view/2020/11/1162032/
E Green Global Co., Ltd., an Agricultural Biotech Company, Secures KRW 10 Billion in Investment
Maeil Economic Daily
November 12, 2020
E Green Global Co., Ltd. (“EGG”), an agricultural biotech company, announced on November 12th that it secured approximately KRW 10 billion in investment.
EGG is an agri-tech company established based on the plant factory platform to increase the productivity of various agricultural produces. Potatoes—the 4th largest food crop in the world—are the first one EGG targets in its business. EGG aims to lead the global market for seed potatoes by breaking the inherent limits of seed potato supply chain, which is crucial to enhance the productivity of potato production.
Through its 10 years of R&D and market development, EGG scored the world’s first ever success in commercializing the Microtuber Technology (MCT), which increases the productivity and production sustainability of potatoes. Such success has placed EGG in an unrivaled position in the world’s seed potato market—EGG not only signed long-term contracts to supply seed potatoes to major companies in China (world’s largest seed potato market) and in the U.S. (world’s largest processed potato market), but also expanding its business to Europe and the Middle East.
YD-SK-KDB Social Value Fund (“the fund”), jointly established by SKS PE (a subsidiary of SK Group), Korea Development Bank (“KDB”) and the impact venture capital Yellowdog (“YD”) back in November 2019, participated in this investment. The fund invests in start-ups that contribute to the pursuit of the United Nations Sustainability Development Goals. “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 the world hunger,” 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 develop crops that are resilient to the climate change.”
EGG plans to use the fund secured from this investment to expand the production facility to supply seed potatoes to its major U.S. and Chinese clients—with whom EGG signed the purchase/supply contract worth KRW 100 billion—as well as R&D in areas including technology related to biological resources, application of technologies such as AI and SmartFarm in agriculture and integrated research on other food crops.
