Cannatrek has closed its A$13 million funding round, led by Australian-based investment firm River Capital.

Cannatrek
Cannatrek CEO Tommy Huppert

The company said there was strong participation from existing investors in the round, which included the raising of new capital as well as a selldown from an existing shareholder. 

As part of the transaction, River Capital’s Josh Ludski will join the board.

CEO Tommy Huppert said the funding would provide important capital for the firm’s growth plans, as well as adding strategic and corporate value to the board.

“We are thrilled to welcome high-calibre investors to our company and view their involvement as a vindication of the progress we and the sector have made to date.

“In addition to the funding, we regard the ongoing input at board level as an exciting step in [our] growth.”

The firm said the funds will enable it to continue its sales growth, further build the team, and progress its flagship development at Shepparton in Victoria, where construction began last month.

Prior to launching Cannabiz, Martin was co-founder and CEO of Asia-Pac’s leading B2B media and marketing information brand Mumbrella, overseeing its sale to Diversified Communications in 2017. A journalist...