Alphagreen, a London-based e-commerce platform focused on CBD, has secured 1.1 million pounds ($1.5 million) of seed funding to help finance the rollout of new products and services and an expansion into the United States.
According a statement released last week, participants in the seed round included:
- Stockholm-based Enexis AB.
- U.S.-based West Creek Investments.
- Angel investors Igor and Oleg Tikhturov.
The company said earlier this year that Enexis had contributed to the 500,000 pounds ($666,000) it had raised up until that point.
Investor Walter Arnold of West Creek Investments said in a statement that the platform is “unique and mutually beneficial ”
“U.S. brands are looking for growth opportunities in the UK and Europe, and Alphagreen provides them with a strong platform to scale in these regions,” Arnold said.
Established in 2019, the Alphagreen online marketplace is owned and run by the Alphagreen Group, which also owns Alphagreen Med. The latter subsidiary has aspirations of becoming a licensed manufacturer and distributor of medical cannabis products to pharmacies in Germany.
Alphagreen’s revenues come from companies that list products on its platform and use the company’s e-commerce services such as translation, SEO and other marketing support.