Alphagreen will use its first equity funding to expand its London-based team, develop new CBD products and branch out into other European markets
Online medical cannabis seller Alphagreen “will challenge the mainstream market” after securing its first round of equity funding, says the company’s CEO.
The UK healthtech start-up raised £500,000 ($653,000) in a funding round involving several angel tech investors, led by Swedish medical investment firm Enexis AB.
Alphagreen will use the money to expand its team in London, develop new products and branch out into the European markets.
This includes further investing in Alphagreen Med — an online marketplace for cannabidiol (CBD) products that is set to become a licensed manufacturer and distributor of medical cannabis to pharmacies in Germany.
This will make Alphagreen one of the first companies to begin selling cannabis-based products across Germany, which is the largest medical cannabis market in Europe according to a 2019 report by UK data firm Prohibition Partners.
Alexej Pikovsky, co-founder and CEO 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 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 that 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.”
History of Alphagreen
Alphagreen was co-founded in October 2019 by German entrepreneur Alexej Pikovsky.
He is one of four founders alongside the company’s chief technology officer Viktor Khliupko, computer scientist Andrii Nikolaiev and chief medical officer Alexey Bronov — a pharmacy owner with years of industry experience.
The Alphagreen group owns Alphagreen Med, which operates in Germany, and Alphagreen.io — one of Europe’s largest consumer marketplaces for legal cannabis products.
The Alphagreen.io website offers CBD products from a range of sellers, including medicines to treat stress, pain and injury, and sleeping problems, as well as nutritional ‘superfoods’ and ingredients.
In February 2020, the company appointed Dr Patricio Stocker — an industry expert who also worked for German automotive giant Daimler for 12 years — as its chairman.
Alphagreen’s first round of funding, which it announced on 9 March, included cannabis data firm NOBL, UK medical cannabis seller Dragonfly Biosciences and research company EMMAC Life Sciences.