Crowdfunding platform OurCrowd announced the launch of a $30 million technology venture capital fund aimed at investing in early-stage companies in the field of cannabis technology, in partnership with the 7thirty Opportunity Fund, an American-based venture.
The $30 million fund will focus on emerging cannabis technology companies in medtech, agtech, retail, e-commerce, marketplaces, SaaS solutions, and the deep-tech research in cannabis.
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Headquartered in Boulder, Colorado, the fund will be active globally and include activities in Israel, Canada, and the United States, OurCrowd said in a statement.
“The explosive growth of the legal and medical cannabis market is quite impressive,” said OurCrowd CEO Jon Medved. “Canada recently legalized cannabis nationwide and Israel is in the final stages of legalizing cannabis export. The amount of serious medical research in cannabis is booming. This market will generate unprecedented global investment activity and returns for cannabis focused startups. Together with 7thirty, we plan to lead investments for serious companies who will pioneer technology for this important and growing market.”
Kfir Kachlon, OurCrowd principal and cannabis-tech lead said: “The ability to work side by side with Micah and the 7thirty team is really exciting for us. OurCrowd has already invested in leading Israeli cannabis technology companies such as Syqe and Edenshield, and now together with 7thirty we look forward to combining our Israeli deal flow with their North American leadership in the industry to create a truly winning fund formula.”
The 7thirty Opportunity Fund is led by co-founder Micah Tapman, said to be the US’s most active early-stage cannabis technology investor.
“We are pleased to welcome OurCrowd to the 7thirty Opportunity Fund,” he said in a statement. “Israel is a recognized leader and pioneer in cannabis technology, and OurCrowd has a demonstrated track record as a value-added investor. Together we plan to bring an institutional discipline and rigor to the cannabis technology investment market.”