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Overseed Biotech raises €6.7 million in a Series A fundraising to become local manufacturer of 100% medical cannabis medicines

PRIVATEJul 04, 2024about 2 years ago

Amount Raised

€6.7 Million

Round Type

Series A

OrléansBiotechnologyCannabis

Investors

Ui InvestissementAnthony Bourbon’s Blast.Club

Description

Orléans-based Overseed Biotech, specializing in agronomic research and the development of medicines derived from the cannabis plant, has announced a €6.7 million Series A fundraising. The funding will support the company's efforts to become the local manufacturer of 100% medical cannabis medicines, in preparation for the upcoming authorization of medical cannabis in France.

Company Information

Company

Overseed Biotech

Location

Orléans, Loiret, France

About

Overseed is the first French biotech company to obtain its license from the ANSM to start its R&D process on cannabis production for pharmaceutical purposes. We are a Biotech which combines leading expertise in genetics, agronomy, organic chemistry and pharma with the ambition to have an expert knowledge on the production of therapeutic cannabis. We will produce GACP and GMP certified dried flowers, full spectrum extracts and purified pharmaceutical grade active ingredients for laboratories. Overseed's research and experimentation will answer patients and the health industry expectations to guarantee production sovereignty, proximity of collaborations and certified quality of cultivated products, in direct connection with medical and scientific studies.

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Funding Insights

Based on industry data
Typical timeline to Series B
Series A companies typically raise their next round in 10-18 months
Monthly burn rate benchmark
47% of Series A startups spend $400k or more per month on operations
VC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers

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