Open Book Extracts Raises Series C Funding Round

Open Book Extracts announced the first close of a Series C equity financing round. This round of funding, led by KEY Investment Partners, is a resounding vote of confidence in the Company and positions the Company to continue providing top-tier quality and service to its quickly expanding client base. The financing will be used to expand finished goods manufacturing capabilities, support ongoing and new safety studies and efficacy research, and accelerate international distribution opportunities.

With their leading position in the Series C round, Tiby Erdely, Founding Partner of KEY Investment Partners, will join the Company’s Board of Managers. Erderly has more than 10 years of experience structuring and leading investment opportunities in the hemp/cannabis space and other industries.

“We have been exceptionally impressed with the OBX team, their vision, and their commitment to operational excellence for the next generation of cannabinoid consumer products,” Erderly said. “OBX’s innovative approach provides their clients access to quality ingredients, efficacious formulations, and leading technologies, as well as deep-rooted expertise spanning product development, operations, and manufacturing. We are excited to be partnering with this team as they continue on their path as both the pioneer and the industry leader.”

OBX recently achieved 455-2 GMP certification from NSF International at its 76,000-SF. research and production facility near Durham, North Carolina. NSF International is recognized as the gold standard for public health and environmental safety for global public health organizations. OBX holds numerous other accreditations including USDA Organic Certification and Kosher Certification. In addition to its broad selection of cannabinoid ingredients, OBX offers concept-to-market formulation and manufacturing services, leveraging leading water-soluble technology and unique delivery mechanisms to help its clients bring to market a wide range of finished goods, from core soft gels, capsules, and gummies, to orally dissolving tablets, tongue strips, and aerosol sprays. OBX achieved close to 4x year-over-year growth between 2020 and 2021 and expects to more than double again in 2022.

“This is a watershed moment for OBX as it goes into hypergrowth mode. We are motivated by the continued support from KEY Investment Partners, and the rest of our broad investor community,” said Dave Neundorfer, OBX CEO. “We are on a mission to equip the customers of today and tomorrow with the products and services they need to not only survive but thrive in this dynamic industry. This new investment enables OBX to further strengthen our operations as well as continue to invest in the research that will define the future of the category.”