Alphagreen Group which produces the cannabidiol product, Alphagreen.io, has secured £500,000 in its first equity funding round.
Several tech investors took part in the funding round including Sedish investment comany Enexis, which has also backed other cannabis industry businesses including NOBL, Dragonfly Biosciences and Emmac Life Sciences.
Established last year, Alphagreen is owned and run by Alphagreen Group, which also owns Alphagreen Med which is set to become a licensed manufacturer and distributor of medical cannabis products to pharmacies in Germany, the largest medical cannabis market in Europe.
Alexej Pikovsky, co-founder and chief executive of Alphagreen, said: “We’re on a mission to solve daily health issues, eliminate customer confusion and provide access to high-quality products. We are building Europe’s leading platform for quality cannabidiol products and medical cannabis. This platform will not only benefit consumers but also businesses, such as pharmacies, seeking access to medical cannabis products”.
He added: “Securing this funding is testament to the strength of our tech proposition and people. We are the only cannabidiol business who has tech focused co-founders and a pharmacist as a co-founder. Together, we will challenge the mainstream market and our commitment to bring naturally grown, certified and premium cannabidiol products to everyone”.
Amaury de Poret and David Bonnier, co-founders of Enexis, stated: “Alphagreen is one the fastest-growing technology start-ups we have seen in this industry and we are happy to support them in their growth. We believe that their unique combination of private equity, technology and pharmacist professionals creates an attractive investment proposition. We see this space in its early stages and are very excited about the future product road map and international expansion of Alphagreen.”
Date published: March 9, 2020