London-based startup Lyphe Group, a medical cannabis ecosystem that provides patient care, medical treatments, and direct-2-patient digital services, announced on Monday that it raised £5M (approximately €5.89M) in its Series A round of funding.
Lyphe reports that it witnessed a successful year in 2021, increasing its revenues by more than 250 percent YoY. With more than 100 team members working across telehealth, dispensing, and technology services, Lyphe aims to become the largest medical cannabis operator in Europe.
Investors in this round
The round was led by Leafy Tunnel Ltd, an early-stage venture capital firm that acts as the investment adviser to Leafy Tunnel Fund 1. The Guernsey-based fund invests in European medical cannabis and global medical psychedelics companies at Seed and Series A stages.
Co-founding Partner at Leafy Tunnel, Bek Muslimov, says, “We strongly believe that Lyphe is well-positioned to continue its growth as a market leader in medical cannabis in the UK and Europe. This is an important milestone, which we are excited to contribute to, as these funds should help to further accelerate the company’s expansion strategy across Europe. We are fully aligned with the company’s roadmap towards securing a leading market position in Europe and look forward to supporting the management in achieving Lyphe Group’s next milestones.”
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