A team of Gleiss Lutz lawyers has advised US investor Measure 8 Ventures on the seed financing for Frankfurt-based startup Bloomwell Group. The USD 10 million financing round is the highest publicly known seed investment for a European cannabis company.
Bloomwell Group is a holding company for medical cannabis operators and potentially for companies operating in a possibly soon-to-be legal recreational market. The holding company's mission is to build, acquire and invest in medical cannabis companies along the entire value chain, with the exception of cultivation. Bloomwell also owns Algea Care, Europe's leading telemedicine company for medical cannabis.
US venture capital fund Measure 8 Ventures was founded in 2017. Headquartered in New York City, the company specialises in early-stage investments and financing for startups in the global legal cannabis market.
The following Gleiss Lutz team around Dr Martin Viciano Gofferje (partner, lead, Berlin) and Dr Reimund von der Höh (Düsseldorf) acted for Measure 8 Ventures in the transaction: Dr Christoph Meissner, Dr Viktor Gorlow (all M&A), Dr Enno Burk (counsel), Dilara Puls (both Healthcare), Dr Alexander Molle (partner), Jan Hinrichs (both IP/IT), Simon Wegmann (Data Protection), Dr Rut Steinhauser (partner), Julian Glau (both Employment, all Berlin).
Gleiss Lutz regularly advises PE and VC investors on financing rounds, e.g. Tiger Global on the financing rounds for IT company xentral and fintech unicorn Mambu, and also supports founders and shareholders in the context of sales to companies or investors, for instance the shareholders of software company Hotjar on its sale to Contentsquare and the shareholders of ubitricity on its sale to Shell.
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