Alabama fiber processor BastCore has raised $2.8 million from Series A investors and plans to use the money to keep up with demand.
Based in Montgomery, BastCore makes yarn and other fiber products from hemp stalks.
The investment came in a Series A round. Investors included Poseidon Asset Management, which said in the statement that it has limited its investments in CBD operations because “we saw too much money flooding into that space.”
“But industrial hemp for textiles, automotive, construction, etc., are many multiples the size of CBD, with much greater plant utilization,” Poseidon Asset Management Managing Director, Morgan Paxhia said in a statement.
BastCore did not reveal how much of equity was part of the funding deal. The company is privately held.
