Cannabis Genetics Start-up Is VC Fund’s First Biotech Investment
SEBASTOPOL, Calif.--(BUSINESS WIRE)--#cannabis--LeafWorks Inc., a female-founded genetics company specializing in plant identification, research and development for the cannabis, hemp and herbal industries, announced it has closed $1 million in a Series A round led by Bonaventure Equity, LLC (BVE), a Cannabis venture capital firm. In an industry rife with fraud, LeafWorks Inc. combats mislabeling in the marketplace through DNA-based tests and services that confirm verifiable ingredient authenticity and sourcing. LeafWorks Inc. is the first cannabis and hemp company to receive funding from BVE in the biotech category after the firm analyzed some 400+ companies.
LeafWorks Inc. will use the new capital to strategically scale its business and solidify its integral role within the B2B and B2C cannabis and herbal markets to become the standard third-party verification provider. With third-party verification, LeafWorks Inc.’s present and future clients will be able to provide their customers and consumers with transparency in the crops they cultivate and the products they sell. LeafWorks Inc.’s rigorous scientific standards and commitment to the cannabis and herbal communities will ensure the veracity of product and plant identity across supply chains in these expanding markets.
“Bonaventure Equity’s commitment to social and environmental responsibility makes them the ideal partner to help scale our business,” said LeafWorks Inc.’s Co-Founder and Chief Scientific Officer, Kerin Law, PhD. “Aside from entrepreneurial expertise and capital, we appreciate BVE’s confidence that LeafWorks’ genetic technology will transform the exploding cannabis/hemp vertical into a more sustainable and transparent supply chain for all. This is the first step in our funding journey and we look forward to our future, continued growth.”
LeafWorks Inc. + Bonaventure Equity, LLC for Social Good
Bonaventure Equity, LLC Founder & CEO, Ross O’Brien, has seen a thing or two in cannabis investment and prospecting. His book “Cannabis Capital,” published January 21, 2020, chronicles the highs and lows of his cannabis venture predecessors. He started his own fund in August 2019 based on his outlook that “cannabis is an economy, not an industry and that the role of venture capital needs to be redefined for cannabis.”
BVE was attracted to LeafWorks Inc.’s leadership team, scientific expertise, and deep cannabis and herbal community and business relationships. LeafWorks Inc.’s strong connection to Canndor Herbarium, the first independent non-profit cannabis herbarium, which houses the genetic material that supports and grounds LeafWorks Inc.’s scientific efforts, was also a compelling factor in assessing LeafWorks Inc.’s potential. Canndor was founded by LeafWorks Inc.’s two co-founders.
“We look to invest in companies that can change the world. We believe LeafWorks is at the start of a story that will become a part of the cultural zeitgeist,” said O’Brien. “LeafWorks will have a profound global impact that will improve the global marketplace for cannabis and herbs.”
About LeafWorks Inc.
LeafWorks Inc. is a genetics company co-founded by CEO Eleanor Kuntz, PhD and CSO Kerin Law, PhD, specializing in plant identification, research, and development to protect and advance the cannabis, hemp, and herbal industries. LeafWorks Inc. helps cultivators continue to be leaders in their industry by providing plant DNA testing and services to help preserve their genetic IP, improve efficiency, and ultimately evolve their grow. LeafWorks Inc. is the exclusive DNA testing company partner of the non-profit Canndor Herbarium, the world’s first and only cannabis/hemp herbarium, which holds plant vouchers for hundreds of different cannabis/hemp plants accumulated by the cannabis community itself. Learn more about LeafWorks Inc. at www.leafworks.com, and connect on Facebook, Instagram, Twitter, and LinkedIn.
About Bonaventure Equity, LLC
Bonaventure Equity, LLC is a Cannabis Venture Capital fund committed to funding the next generation of innovative cannabis companies delivering economic, societal, cultural, and healthcare benefits through leading technologies, services and science. Bonaventure Equity, LLC partners with exceptional entrepreneurial management teams built on a foundation of execution, collaborative leadership, and an unwavering drive to deliver positive global impact. Bonaventure Equity, LLC works with private investors, management teams, and operating companies to build and extract value through disciplined investment strategies.