btov and Single Family Office Invest in German Cannabis: 7 Million Euros for DEMECAN
The btov Private Investor Network and a German Single Family Office invest in DEMECAN
DEMECAN is the first German producer of medical cannabis
Berlin, October 01, 2019 – DEMECAN has completed a Series A financing round of 7 million euros. The funding will be used to expand the production facility for medical cannabis and the wholesale trade in Germany. It is the first investment in thissector forventure capital firm btov Partners. Half of the investment is providedby the Private Investor Network of btov Partners and half by a German Single Family Office, which has its roots in a successful Fast Moving Consumer Goods company.
DEMECAN is the only German company allowed to produce medical cannabis in Germany. Three com-panies, two of them from Canada, were awarded the contract to produce medical cannabis in Germany in May 2019. On behalf of the Federal Institute for Drugs and Medical Devices (BfArM), DEMECAN will produce at least 2400 kilograms of dried cannabis flowers over the next four years. DEMECAN is also active as an importer and wholesaler of medical cannabis and can thus cover the entire value chain. The estimated market volume of medical cannabis in Germany will be approximately 1.2 billion euros by 2024.Jennifer Phan of btov Partners explains: “DEMECAN operates in a very attractive market at the right time. Germany currently represents the third largest market for medical cannabis in the world and is on a growth path. We believe that the company has a first mover advantage in a highly regulated market environment, especially as it is the only German manufacturing and trading company in the European market”.
Dr. Constantin von der Groeben, co-founder of DEMECAN, adds: “In recent years, we have intensively dealt with the market and reached an important milestone by winning the tender process. We are now focusing on further growth and the start of production in 2020. We areverypleased with the confidence placed in us by btov Partners.”Dr. Adrian Fischer, also co-founder of DEMECAN, adds: “In this young and fast growing industry it is crucial to have reliable partners who share our focus on patient well-being and our self-image as a pharmaceutical producer and wholesaler”.
DEMECAN is the only German company that covers the entire value chain for medical cannabis from cultivation, processing and storage to distribution to pharmacies. The company was founded in 2017 by Dr. Adrian Fischer, Dr. Cornelius Maurer and Dr. Constantin von der Groeben to guarantee patients in Germany access to medical cannabis of the highest pharmaceutical quality. In May 2019, the Federal Institute for Drugs and Medical Devices (BfArM) awarded DEMECAN the contract to grow medical cannabis. From 2020 DEMECAN will supply the Federal Republic of Germany with medical cannabis. The DEMECAN Group is based in Berlin. The cultivation and further processing of medical cannabis takes place in a second plant near Dresden. DEMECAN also imports medical cannabis to Germany as a pharmaceutical wholesaler. www.demecan.de
About btov Partners
btov Partners, founded in 2000, is a European venture capital firm focusing on digital and industrial technologies. btov’s network of entrepreneurial private investors provides it with unique expertise and access to non-obvious investment themes and founders.btov has seen waves of innovation like machine learning or fintech very early on and is one of the most successful backers of AI companies in Europe.With offices in Berlin, Munich, St. Gallen and Luxembourg, the company manages assets of EUR 420 million. Its network of private investors consists of 250 experienced entrepreneurs and executives from all over Europe. The most well-known investments include Blacklane, Data Artisans, DeepL, Facebook, Foodspring, ORCAM, Raisin, SumUp, Volocopter and XING
More Information www.btov.vc
DEMECAN Holding GmbH
Virgile Dutrannoy btov Partners GmbH
Tel: +49. 30. 346 55 84 12
Lukas Schüz HOSCHKE & CONSORTEN Public Relations GmbH
Tel: +49. 40. 36 90 5032