Israeli investment platform OurCrowd has teamed up with Colorado-based 7thirty Opportunity Fund to launch a $30 million cannabis technology venture capital fund.
It is designed to provide capital for any companies focused on developing emerging cannabis technologies in the fields of medicine, agriculture, retail, ecommerce and Software-as-a-Service. The fund will be active around the world, with specific activities initially concentrated on Israel, Canada, and the U.S.
Jerusalem-based OurCrowd was founded in 2013 and it has since opened branches in 11 countries, spread across four continents. It has more than 30,000 investors from 112 different countries, and it has invested in companies in Israel, the USA, India, Canada, UK, Hong Kong, Singapore, and Australia,
Chief executive Jon Medved hailed the explosive growth of legal cannabis for both medicinal and recreational purposes around the world. “This market will generate unprecedented global investment activity and returns for cannabis-focused startups,” he said. “Together with 7thirty, we plan to lead investments for serious companies who will pioneer technology for this important and growing market.”
7thirty is based in Boulder and headed up by Micah Tapman, who invested in almost 100 cannabis startups, including Wurk, BDS Analytics and Front Range Biosciences, during his time at Canopy Boulder. Tapman said that Israel is a leader and pioneer when it comes to cannabis technology, and that the world can benefit from its discipline and rigour.
OurCrowd has already invested in Israeli cannabis companies like Syqe and Edenshield, and it now aims to make great inroads into the lucrative North American market. In total, OurCrowd has raised more than $900 million and pumped it into 170 different companies.
It is hosting a global investor summit in Jerusalem in March, billed as the largest business event in Israel’s history, with 15,000 investors expected to register to attend.
Israel recently announced that it would allow cannabis producers to export their products around the world, and it is expected to become one of the leading lights in the global marijuana trade due to its expertise in this field. Eight companies are currently permitted to cultivate medicinal marijuana in Israel, but many more have filed applications to join the industry.