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Tue. 19 Oct 2021, 2:29pm ETBenzinga
In: Cannabis, News, Financing, Markets

The Bloomwell Group announced Monday it has successfully closed a seed funding round of over $10 million.

The lead investor is US growth capital provider Measure 8 Venture Partners, while Dr. Reinhard Meier opted to invest again through his Venture Capital Investors fund, with Philipp Weber of FPS  acting as legal advisor to Bloomwell.

Simultaneously, the Bloomwell Group, which includes Algea Care, Europe's leading telemedicine company for medical cannabis in terms of patient numbers, said it is repositioning itself as a holding company, allowing it to build, invest or acquire cannabis companies.

Over the past year, the Frankfurt, Germany-based company has grown to 160 employees, with projected revenues of five million euros in 2021.

"Bloomwell Group is transforming the healthcare and medical cannabis market in Europe," Niklas Kouparanis, CEO and co-founder of Bloomwell Group, told Benzinga. "We have already seen success from our far-reaching D2C, direct-to-patient approach, and look forward to propelling the next generation of natural-based medicine forward. As the market continues to mature, our consumers will benefit from our portfolio companies' innovative and scalable solutions focused on digitalization."

Apart from Kouparanis, the company's board is strengthened by telemedicine veteran Dr. Meier, who as founder, led Teleclinic to an exit, Co-founder Samuel Menghistu and Boris Jordan, founding partner of Measure 8 Venture Partners, and founder and executive chairman at Curaleaf Holdings, Inc. (CSE:CURA) (OTCQX:CURLF).

"Germany is the leading European market for medical cannabis, and the Bloomwell Group has proven within one year that it can identify and scale innovative solutions in this new growth market for the benefit of patients," Jordan said.

Massachusetts-based Curaleaf purchased EMMAC Life Sciences – now operating as Curaleaf International – in April in a $310 million deal to expand its footprint in Europe further.

Photo: Courtesy of Michael Longmire on Unsplash