Tuesday January 28, 2020 0 comments
GRAND JUNCTION -- EcoGen Laboratories (EcoGen), a leading vertically-integrated manufacturer and supplier of hemp-derived specialty ingredients, proprietary formulations, and private-label finished products in the U.S., today announced the closing of a $40 million private placement.
"We are very encouraged by the strong support we've received from the institutional marketplace," said Alexis Korybut, EcoGen co-founder. "This investment is an important step forward that will allow us to further grow and expand our business."
Since its inception in 2016, EcoGen has expanded rapidly, resulting in growth that exceeded $80 million in revenue for 2019.
Poised to capitalize on a rapidly changing market, EcoGen said it has developed a growth strategy to support this recent raise which includes further developing facilities, focusing on research and development to increase product offerings, and expanding marketing and sales divisions to widen its global footprint.
"With engineering as a passion and also my background, the prospect of new innovation is what led me to this industry," said Joseph Nunez, EcoGen’s other co-founder.
"When we first started, we were on a mission to create a state-of-the-art process to produce exceptionally pure CBD that set the standard for the industry. We're proud to say that goal was quickly achieved and this capital raise will allow us to expand that success into other verticals of the business."
New technologies, advanced seeds and genetics, in addition to expanding private label finished goods, are also on the horizon for 2020, the company said.