corporations

Portuguese fund Iberis strengthens its position in the cannabis market

Published

3 years ago

October

Antonio João Costa

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the portuguese background Iberis Bluetech II reinforced its investment position in Avextra, a German company in the medical cannabis sector. In a statement, SEED Innovations highlighted the importance of investment to develop activities in Portugal.

Portuguese Iberis Capital has reinforced its investment in the cannabis sector, with an undisclosed investment in a German company, Avextra, a company in the portfolio of SEED Innovations Ltd. according to release from SEED Innovations, the German company raised 7,4 million euros, in a round of funding coming only from pre-existing investors.

This was the second round of financing in 2022, with a total investment of 11,8 million euros. The company's statement also reveals that the pre-existing investor, Iberis Bluetech Fund, has entered this funding round.

Iberis Capital had, already in April, invested in the company, which at the time was called the Eurox Group. The name of this company has been changed to Avextra In September.

The investment was carried out through Secured Convertible Loan Securities ('CLN'). This CLN is not remunerated and can be converted with a 20% discount in a future fundraising or with maturity on January 31, 2024 in the same evaluation of the previous fundraising.

According to a statement from SEED Innovations, the fundraising will be used to support the launch of Avextra in Germany, as well as R&D activities, including the start of clinical trials, as well as promoting the expansion of operations in Portugal.

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[Disclaimer: Please note that this text was originally written in Portuguese and is translated into English and other languages using an automatic translator. Some words may differ from the original and typos or errors may occur in other languages.]

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Antonio João Costa

I am one of the directors of CannaReporter, which I founded together with Laura Ramos. I am from the unique Island of Madeira, where I currently reside. While I was in Lisbon at FCUL studying Physical Engineering, I became involved in the national hemp and cannabis scene and participated in several associations, some of which I am still a member of. I follow the global industry and especially legislative advances regarding the different uses of cannabis.

I can be contacted by email at joao.costa@cannareporter.eu