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.