In a sign that Europe’s cannabis market is gaining traction, the Frankfurt-based operator of a website that pairs patients with marijuana-prescribing doctors has closed a seed funding round while adding one of the industry’s biggest-name executives to its board.
The Bloomwell Group, a holding company for the marijuana telemedicine platform Algea Care, obtained more than $10 million in what Chief Executive Officer Niklas Kouparanis said in a phone interview is “the biggest seed round ever closed in Europe so far for a cannabis company.”
His company seeks to change how medical cannabis is prescribed in Europe and develop new products. Bloomwell also includes Ilios Sante GmbH, a cannabis distributor.
Bloomwell has secured the backing of Boris Jordan, chairman of U.S. multistate operator Curaleaf Holdings, who will join its board. The round was led by Jordan’s fund, Measure 8 Venture Partners, and values the company at $50 million to $100 million, according to a company spokeswoman.
It’s the latest sign that European cannabis companies are taking off. Around 1.2 billion euros ($1.39 billion) has been raised to date in both private and public investments, with more than 20% of that coming in the first six months of 2021, according to a recent report. Germany in particular is doing well. [Read More @ Bloomberg]
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