Last Updated on: 22nd November 2023, 10:13 am
Alphagreen Group, which owns Europe’s largest consumer marketplace for legally certified cannabis (CBD, cannabidiol) products Alphagreen.io, has today secured £500k in its first equity funding round. Several tech angel investors took part in the funding round alongside the cannabis-focused investment company ENEXIS AB, which has backed several cannabis industry businesses including NOBL, Dragonfly Biosciences and Emmac Life Sciences.
Established in 2019, the Alphagreen marketplace is owned and run by Alphagreen Group from their London headquarters. The Group 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 Europe1. This license will make Alphagreen Group one of the first companies selling to pharmacies across the country.
CBD market in the UK2
- Some 6 million people in the UK have tried CBD (11% of the population)
- Almost 90% of the users purchase CBD online, making it the biggest ingredient markets.
- CBD product sales in the UK are set to grow from £300m in 2019 to £1bn by 2025
- In the UK, CBD is already three times bigger than the Vitamin C market with €336m vs €133m respectively.
Alexej Pikovsky, co-founder and CEO of Alphagreen commented: “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 CBD products and medical cannabis. This platform will not only benefit consumers but also businesses, such as pharmacies, seeking access to medical cannabis products”.
“Securing this funding is testament to the strength of our tech proposition and people. We are the only CBD 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 CBD products to everyone”.
Amaury de Poret and David Bonnier, co-founders ENEXIS AB commented: “Alphagreen is one the fastest growing technology startups we have seen in this industry and 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 roadmap and international expansion of Alphagreen.”
Alphagreen is building Europe’s leading distribution platform for wellness and medical cannabis products sourced globally from top brands with high-quality products. Leveraging their strong Technology DNA and long-term industry relationships, they aim to be the most trusted authority in the high-growth industry.
