Feb 28, 2023, 05:58 ET
The investment provides Nalu Bio with the resources to expand aggressively and scale to meet global consumer and therapeutic market demand.
SAN FRANCISCO, Feb. 28, 2023 /PRNewswire/ -- Nalu Bio, a producer of chemistry-based, ultra-pure cannabinoids, today announced that it has raised a $12 million Series A funding round. The round was led by Intrinsic Capital Partners, with participation from Flybridge Capital Partners, Portfolia Active Aging & Longevity Fund, Bonaventure Equity, L37 Ventures, Golden Seeds, Sacramento Angels, Brown Angel Group, and Axial Venture. Nalu Bio will use the funds to accelerate growth and scale production of cannabinoids for consumer products and therapeutics. The funding follows on the heels of Nalu Bio's breakthrough in the cost-effective synthesis of the minor cannabinoid THCV (non-psychoactive, not to be confused with THC).
"At Nalu Bio, we have created a platform that produces ultra-pure, cost-effective, non-hemp derived cannabinoids so that consumers and companies will have safer, more reliable products that improve everyday life," said Caitlyn Krebs, Nalu Bio Co-Founder and CEO. "Intrinsic's belief in our chemistry-based approach and their leadership investing in cannabinoids and life sciences make them the ideal partner for us. This investment allows us to aggressively expand the business world-wide, own the category and bring high quality cannabinoids to manufacturers who want cost-effective THC-free ingredients for their products."
Since its founding in 2019, Nalu Bio has pioneered an approach to synthesizing cannabinoids utilizing organic, non-hemp inputs which are converted into the desired cannabinoid ingredient, without the stigma of the plant. The company's flexible platform generates molecularly identical versions of naturally occurring cannabinoids for use in consumer products and therapeutics that are sustainable and completely free from contaminants found in hemp-extracted cannabinoids.
"We believe that chemistry-based production of cannabinoids will play a significant role in the evolution of the cannabinoid market, and we have spent years looking for the ideal investment opportunity. The team and the technology are top-notch and Nalu Bio is poised for large-scale commercial expansion and aggressive growth. We're excited to partner with Nalu Bio," said Howard Goodwin M.D., Managing Partner of Intrinsic Capital.
Nalu Bio is utilizing its patent-pending platform to launch a full suite of cannabinoid ingredients (e.g., CBD, THCV, CBN, CBC, CBG) while continuing to expand its scientific and commercial teams to meet global market demand.
Nalu Bio is a biotech company creating a new category of chemistry-based cannabinoids for the consumer and pharmaceutical markets. Nalu Bio has developed a proprietary, flexible chemistry platform that is setting a new industry standard for purity, quality, and sustainability. Nalu Bio's proprietary approach creates identical batches of any known cannabinoid, setting the standards for consistency and quality, because it removes the risk of contamination from pesticides, heavy metals, and THC inherent in hemp extraction. Our unique, scalable platform has the ability to keep pace with anticipated market expansion, and will reliably deliver high quality and widely-accessible cannabinoids to global consumer and pharmaceutical markets.
Intrinsic Capital Partners is a Pennsylvania-based investment firm focused on life science and technology businesses within the legal cannabis and hemp industries. The Intrinsic team brings institutional investment discipline and world-class operating experience to build and scale industry-leading companies that address unmet needs across the supply chain. Intrinsic Capital Partners employs an operator-centric investment model to create a diverse portfolio of leading companies within the emerging cannabis and hemp industries.
SOURCE Nalu Bio, Inc.
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