An Australian hemp processor stated it has closed its AUD$3.4 million (US$2.2 million) seed capital spherical with a last AUD$1 million (US$660,000) in money from a strategic associate.
The deal offers the associate, Sydney-based Danehill Group, a 25% stake in Tasmania-based X-Hemp, which processes hemp straw into hurd to be used in hempcrete.
“This last stage permits us to fast-track our bold marketing strategy,” stated founder Andi Lucas, who retains 56% of the corporate.
Constructing scale
X-Hemp stated in a press launch that the contemporary capital places it “in pole place to cement its place as a number one participant within the burgeoning Australian hemp trade,” and that it’ll use the funds to obtain infrastructure, broaden analysis and growth, and develop its all-female employees of eight.
“While the commercial hemp trade in Australia may be very a lot in its formative levels, we share Andi’s imaginative and prescient that X-Hemp is usually a market chief in what may very well be a quickly rising trade,” stated John Murray of Danehill. “An answer must be discovered for each Australia’s power housing scarcity and carbon-emitting building trade.”
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Based in 2024, Danehill Group is a Sydney-based, family-owned non-public funding supervisor established by John and Hamish Murray. John Murray, a 30-year veteran of funds administration, co-founded funds supervisor Perennial Companions, Melbourne, in 2016, whereas Hamish Murray beforehand held senior advisory roles with Sydney-based Koda Capital, a wealth advisor.
“Danehill Group’s funding in X-Hemp permits us to profit from John and Hamish’s in depth trade expertise and business connections,” Lucas stated.
Earlier than the Danehill funding, X-hemp raised AUD$1.5 million (US$1 million) in October 2023, adopted by AUD$900,000 (US$600,000) via a November 2024 crowdfunding marketing campaign. That effort attracted 1,205 small buyers contributing greater than AUD$300 (US$200) every.
