London CBD firm secures £1.1m seed funding for US expansion
A London alternative healthcare company has announced that it has secured £1.1m of seed funding to help its expansion into the US.
Alphagreen, a marketplace for CBD and alternative healthcare products, has secured the funding to help finance the roll out of new products and services alongside its expansion into America.
Participants in the seed round included Stockholm-based Enexis AB, US cannabis fund West Creek Investments and angel investors, including Igor and Oleg Tikhturov.
Alphagreen generates revenue from companies listing products on its platform as well as offering them end-to-end e-commerce technology services including translation, SEO and other marketing support.
Alexej Pikovsky, co-founder and CEO of Alphagreen, commented: “The funding allows us to set up a new service in the US, the world’s biggest CBD market.
“We’ll establish and run a bespoke platform for American consumers looking to buy products as well as help leading US brands such as Charlotte’s Web enter Europe and list their products on our site.
“The global market is poised for a significant growth phase. The wider US cannabis market is currently enjoying robust expansion, with the sector rallying by over 50 per cent in the last month.
“On top of this, investor optimism has been boosted by hopes Joe Biden’s presidential victory could lead to further decriminalisation.
“In addition, the UN next month will be discussing descheduling cannabis as well as providing clarity around the international trade of CBD products.
“These factors will provide significant support for the CBD industry in particular - and Alphagreen will be perfectly positioned to benefit from these fundamental changes to the way the market will function.”
Amaury De Poret from Enexis commented: “Enexis is delighted to support the continued growth of Alphagreen. With its innovative solutions and strong technical abilities, the company is uniquely positioned in the key CBD online marketplace.”
Walter Arnold from US Cannabis Fund, West Creek Investments said: “Alexej and the Alphagreen team have identified a unique and mutually beneficial way to connect high-quality CBD brands with interested consumers, through an out-sourced direct to consumer model.
“US brands are looking for growth opportunities in the UK and Europe and Alphagreen provides them with a strong platform to scale in these regions.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →