LeafWorks Inc. 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.”