London, England-based psychedelics startup incubator Beckley Waves has raised $3.3 million in seed funding, Axios reports. The firm backs startups focused on therapies, education, and software.
Investors in the raise include the Joe and Sandy Samberg Foundation, Satori Neuro, Evolve Ventures and Foundation, Bridge Builders Collaborative, 1440 Foundation, Austin Hearst, and Asia Agnelli.
Daniel Love, a partner at Beckley, told Axios the company plans to use the funds to launch two companies and “make a handful of strategic investments.” Love added that the company is looking into training and public education, community-building, and research into other potential psychedelic therapeutic applications, such as ADHD, autism, eating disorders, and chronic pain.
“When robotic surgical tools came out, you had surgeons who were unused to that modality. Similarly, there’s a lot of therapists and great mental health providers, but many have less experience in this new way of working.” — Love to Axios
According to a Bloomberg report, Investment in the psychedelics-for-mental-health space increased from $62 million in 2019 to $617 million in 2020, and hit a peak of $1.6 billion in 2021; however, in 2022, funding dropped to $570 million.
“Even if this is a psychedelic winter,” Love said, “it feels like the green shoots are coming.”
Love said he expected Beckley to launch a Series A funding round sometime in 2025.
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