Field Trip Psychedelics Inc. Announces Closing of Oversubscribed Series A Financing
Company also adopts formal commitment to "triple bottom line" operations
Feb 06, 2020, 09:30 ET
TORONTO, Feb. 6, 2020 /PRNewswire/ -- Field Trip Psychedelics Inc. ("Field Trip" or the "Company"), the world's first mental wellness company focused exclusively on psychedelics and psychedelic-enhanced psychotherapy, is pleased to announce the closing of its oversubscribed Series A financing round. The financing, which was completed through a private placement, raised $8.5M USD for the Company.
The funds will be used to execute the initial stages of Field Trip's strategic plan to build out the world's first network of medical centres focused exclusively on psychedelic-enhanced psychotherapy. Additionally, the financing will help fund the final construction of its research and cultivation facility at the University of the West Indies in Jamaica that is dedicated to the study of psilocybin-producing mushrooms and the discovery of novel therapeutic molecules.
"The interest we had in this financing came from a broad and varied group of academics, entrepreneurs, medical professionals, financial professionals and investment funds," said Ronan Levy, Executive Chairman of Field Trip. "The ability to pull together such a thoughtful, supportive and diversified investor base is certainly a tribute to the team at Field Trip and the work we are doing. It also speaks profoundly to the level of interest, excitement and importance that people around the world are placing on the advancement of psychedelics and the role they may play in improving mental health, performance, general wellness and happiness."
The financing was led by Field Trip's founders and Singhal Health Foundation. Other notable investors in the round include Subversive Capital, Silver Spike Capital and the venture capital firm Bolt, as well as individual investors Harris Fricker, an early stage investor and pioneer in e-payments and blockchain, and Ben Greenfield, a globally recognized longevity expert and biohacker.
Triple Bottom Line: People, Planet and Profit
Additionally, Field Trip has amended its Articles of Incorporation to reflect its commitment to Triple Bottom Line operations. A "Triple Bottom Line" approach to business (commonly described as "people, planet and profit") requires an organization to assess and account for its social and environmental impacts, in addition to its financial impacts in its decision-making processes.
Sanjay Singhal, Founder of the Singhal Health Foundation, said, "Nearly 1 in 4 people will be diagnosed with a mental health condition in their lifetime. By 2023, depressive disorders will be the single largest cause of the burden of disease globally. Addressing the global mental health crisis requires effort, work and coordination from people and organizations of all forms; academic, non-profit and for-profit. The team at Field Trip blends the right balance of a track record of success, ambition, and commitment to ethical and thoughtful business practices, which is why I'm excited to support their efforts and work closely with them to achieve their mission."
About Field Trip Psychedelics Inc.
Field Trip is world's first mental wellness company at the forefront of the scientific re-emergence of psychedelics and psychedelic-enhanced therapies. With Field Trip Health centres opening across North America, and advanced research on plant-based psychedelics through Field Trip Discovery, we help people, from those in treatment to those seeking accelerated personal growth, with a simple, evidence-based way to heal and heighten engagement with the world.
Learn more at https://fieldtriphealth.com and https://fieldtripdiscovery.com
SOURCE Field Trip Psychedelics Inc.
