HiteJinro Decides on Follow-up Investment in Smart Farm 'Permit'

HiteJinro announced that it has made a follow-up investment in the smart farm solution company 'Permit,' in which it invested last year. The photo shows the leafy vegetable hydroponic cultivation system installed by Permit at the Cheonan Smart Agriculture Support Center. Photo by Cheonan Reporter

[Asia Economy Reporter Eunmo Koo] HiteJinro continues its investment in the smart farm solution company ‘Permit’.

HiteJinro announced on the 23rd that it has decided to make a follow-up investment in Permit, in which it invested last year. This is the first time since HiteJinro began investing in startups in 2020 that it has made a follow-up investment in an existing portfolio company.

HiteJinro made an equity investment in Permit in April last year, focusing on Permit’s key core competencies. To support the rapid growth of the smart farm market and Permit, a total of four investors including Korea Investment Partners jointly participated in the follow-up investment.

Permit has accumulated solid data over 10 years based on the know-how of about 130 leading farms. Based on this, it has developed and commercialized various solutions that lead the growth of the smart farm industry, such as intelligent package greenhouses and new commercial cultivators, achieving over 100% annual sales growth. This year, it plans to expand its business by providing customized smart farms for novice farmers in cooperation with NongHyup Economic Holdings.

Huh Jae-kyun, Executive Director of HiteJinro, said, “Starting with Permit, we plan to seek follow-up investments and collaborations with startups we have previously invested in. In line with the rapidly changing lifestyle paradigm, we will continue to discover and support startups in various fields this year as well.”

Earlier, HiteJinro became the first in the liquor industry to sign an investment contract with the startup company builder ‘The Ventures’ and opened a shared office ‘New Block’ in its headquarters building in Seocho-dong, operating various accelerating programs. To contribute to the development of the startup ecosystem, it has so far made equity investments in a total of 14 promising startups and is also working to strengthen networks within the related industry.

This content was produced with the assistance of AI translation services.