Psychedelic clinic company Field Trip Psychedelics Inc. closed of its oversubscribed Series A financing round. The financing, which was completed through a private placement, raised $8.5 million for the company.
“The interest we had in this financing came from a broad and varied group of academics, entrepreneurs, medical professionals, financial professionals and investment funds,” said Ronan Levy, Executive Chairman of Field Trip. “The ability to pull together such a thoughtful, supportive and diversified investor base is certainly a tribute to the team at Field Trip and the work we are doing. It also speaks profoundly to the level of interest, excitement and importance that people around the world are placing on the advancement of psychedelics and the role they may play in improving mental health, performance, general wellness and happiness.”
The company said the funds will be used to execute the initial stages of Field Trip’s strategic plan to build out the world’s first network of medical centers focused exclusively on psychedelic-enhanced psychotherapy. In addition to that, the financing will help fund the final construction of its research and cultivation facility at the University of the West Indies in Jamaica that is dedicated to the study of psilocybin-producing mushrooms and the discovery of novel therapeutic molecules.
The financing was led by Field Trip’s founders and Singhal Health Foundation. Other notable investors in the round include Subversive Capital, Silver Spike Capital, and the venture capital firm Bolt, as well as individual investors Harris Fricker, an early-stage investor and pioneer in e-payments and blockchain, and Ben Greenfield, a globally recognized longevity expert and biohacker.
“Nearly 1 in 4 people will be diagnosed with a mental health condition in their lifetime. By 2023, depressive disorders will be the single largest cause of the burden of disease globally,” said Sanjay Singhal, Founder of the Singhal Health Foundation. “Addressing the global mental health crisis requires effort, work and coordination from people and organizations of all forms; academic, non-profit and for-profit. The team at Field Trip blends the right balance of a track record of success, ambition, and commitment to ethical and thoughtful business practices, which is why I’m excited to support their efforts and work closely with them to achieve their mission.”