Alphagreen snags seed funding and eyes new tech services
Alphagreen, a London-based marketplace for CBD and alternative healthcare products, has secured £1.1 million of seed funding to help finance the roll-out of new products and services alongside expansion into the US.
Participants included Stockholm-based Enexis, US cannabis fund West Creek Investments and angel investors, including Igor and Oleg Tikhturov.
At the moment the majority of turnover comes from commission fees, content creation, and display ads.
The injection of funding will allow Alphagreen to launch and offer a new range of integrated e-commerce services, including fulfilment, performance marketing, hosting, and data analytics to address problems faced by makers of CBD and alternative healthcare products.
Amaury De Poret from Enexis comments: “We’re 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 segment.”
“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,” says Alexej Pikovsky, Co-founder and CEO, Alphagreen (pictured above).
“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% in the last month.”
He adds that investor optimism has been boosted by hopes Joe Biden's presidential victory, which 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,” De Poret concludes.
