Tesonet has invested in Lithuanian biotech Biotecus
The Lithuanian business accelerator Tesonet has invested an undisclosed amount of capital in Lithuanian biotech Biotecus.
The new financing will be used for building a factory in the Molėtai district of Vilnius (with a total area of 10K square meters). The company is going to enter the German and US markets in 2023.Biotecus was launched in Vilnius in 2017 by Jonas Čeponis and Darius Kupliauskas. Their company Mercadus has just completed the construction of an R&D technology center (for creating phytocannabinoid extracts and fibrous hemp pharmaceutical products), which is planned to start operating in the second quarter of 2023.
Biotecus produces phytocannabinoid products from hemp. One of its products is CBD oil, produced by combining hemp extract with liquid oil, and sold as a food supplement.
In 2021, Tesonet already invested in Biotecus. Another existing investor of the company is the European Union which backed the startup with €2M for its product development.
Tesonet is a Lithuanian incubator and venture company that was established in Vilnius in 2008. It has accelerated already over 30 companies. One of them is Lithuanian unicorn Nord Security and another one is a cyber security company Surfshark.
