Medical cannabis specialist to expand globally via “critical” £5m funding round
Lyphe, the London based medical cannabis ecosystem providing patient care, medical treatments and direct-to-patient digital services has closed its latest financing round, led by early-stage venture capital fund, Leafy Tunnel.
The fund focuses on European medical cannabis and global medical psychedelics opportunities, investing in companies at the Seed and Series A stages, and it is the first of its type in Europe. Further investment was also received from a Chicago based cannabis advisory firm, Sharp Capital Advisors, and a syndicate of HNW investors.
The £5m Series A investment round follows a successful 2021 for Lyphe Group which saw it increase its revenues by more than 250 per cent. With more than 100 team members working across telehealth, dispensing and technology services, Lyphe is fast becoming the “largest medical cannabis operator in Europe”.
Lyphe CEO and co-founder, Jonathan Nadler, commented: “It was critical for Lyphe to raise enough funds to execute on our scale-up plans and be in control of our destiny. We are fortunate to be leaders in our primary market with a very clear growth plan, and as such we have attracted the very best investors into this round from US, Europe and UK.
“Leafy Tunnel sees us step into venture capital, and we are honoured to have them on the cap table and supporting our vision for international growth, alongside Sharp Capital and all other new and old shareholders.”
Bek Muslimov, co-founding partner at Leafy Tunnel, added: “Leafy Tunnel is thrilled to support Lyphe as one of the company’s investors. We strongly believe that the company is well-positioned to continue its growth as a market leader in medical cannabis in the UK and Europe.
“This is an important milestone, which we are excited to contribute to, as these funds should help to further accelerate the company’s expansion strategy across Europe.
“We are fully aligned with the company’s roadmap towards securing a leading market position in Europe and look forward to supporting the management in achieving Lyphe Group’s next milestones.”
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