Sanity Group raises 35 million euros
Business with the use of CBD is booming. The start-up Sanity Group is at the forefront in Germany. ProSiebenSat1 and Klaas Heufer-Umlauf are also on board as investors.
It was originally only supposed to be 25 million euros, but interest was so great that the Sanity Group raised 35 million euros in its current financing round. The round is led by VC Redalpine and includes the American venture capitalist Navy Capital, the fund SOJE Capital, which invests exclusively in cannabis companies, and GMPVC. There is also a long list of existing investors: HV Capital, TQ Ventures, Atlantic Food Labs, Cherry Ventures, Calyx, Bitburger Ventures and SevenVentures.
The investment will enable the Sanity Group to further expand the medical area of cannabis use and invest in research. The start-up is currently building a research and development center near Frankfurt in order to make as many of the cannabis plant's ingredients as possible commercially usable.
Founded in 2018, the start-up is best known for its brands VAAY and This Place, which sell lifestyle products such as bath oils and creams containing CBD. The Sanity Group sells the pharmaceutical use of CBD via the company Vayamed.
The founders are Finn Hänsel and Fabian Friede, who met through Rocket Internet. The investment arm of the ProSiebenSat1 Group only invested in the start-up in March, and last year Sanity Group was able to raise four million euros from prominent investors such as Mario Götze, Klaas Heufer-Umlauf and Stefanie Giesinger.
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