Tag: florealis

Florealis closes $3.8m funding round led by NSA Ventures

Pharmaceutical company Florealis just announced it had closes a $3.9m funding round, led by NSA Ventures. Former investors, Einvala, and other private investors also took part in the funding round.

“Exciting times ahead for us, following the addition to our investor group,” said Kolbrún Hrafnkelsdóttir, CEO of Florealis, in a statement. “Our first products have been received very well in Iceland, and we’re ramping up marketing and sales efforts in the Nordics.”

The company, which produces herbal medicines, recently closed a deal with leading pharmaceutical chains in Sweden, that will carry Florealis’ products. The funding will be used to support marketing and sales efforts, as well as developing more products later in the year.

Huld Magnúsdóttir, CEO of NSA Ventures, said in a statement: “Florealis falls well in line with the fund’s investment strategy and are excited to lead a group of investors to this deal.”

Florealis raises $380,000 in second seed financing

Florealis, formerly Herberia, maker of herbal medicines, just announced an additional financing of $380,000. The company increased the size their current convertible bond, previously financed by Einvala, to a total of ~$760K (100 million ISK). The company was assisted by Beringer Finance while raising the round.

As previously commented by Skúli Valberg, board member of Florealis and spokesman of Einvala investments, the previous bond of 50 million ISK had the possibility of being expanded to 100 million ISK. This time around, new investors joined in, many with experience in the pharmaceutical industry, and some older investors added to their initial investment.

This expansion of the convertible bond was anticipated as a step the company would take before heading into a Series A with institutional investors, according to Skúli’s comment on the initial reporting of the first investment.

Florealis was part of Startup Reykjavik in 2013.

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