Flowhub Announces Million in Series A Funding Led by e.ventures, Evolv Ventures and Poseidon
DENVER, Colo., Oct. 15, 2019 /PRNewswire/ — Flowhub, the leading cannabis retail management platform for modern dispensaries, today announced it has raised an oversubscribed $23 million Series A financing round led by e.ventures, Evolv Ventures — the venture fund backed by Kraft Heinz — and Poseidon, with contributions from investors 9Yards Capital, former NBA commissioner David Stern and Iqram Magdon-Ismail, the co-founder and former CEO of Venmo, among others. As one of the largest Series A rounds in the cannabis tech industry, this investment is set to position the company as the SaaS solution of choice for solving today’s complex cannabis retail challenges. With the legal cannabis market expected to reach over $66 billion by 2025, dispensaries are expanding across the U.S. to fulfill the growing need for medicinal and adult-use cannabis. To maintain a successful, legal and compliant operation, these companies need a strategic partner like Flowhub to help them continue to scale their operations to keep up with consumer demands as well as evolving state regulations. “What we are experiencing right now is an end to cannabis prohibition and Flowhub is on the front lines of this movement,” said Kyle Sherman, founder and CEO, Flowhub. “Every legal transaction completed with the Flowhub retail platform is a positive step forward, and we are committed to helping our customers build thriving cannabis businesses. With this investment, we will continue to automate the cannabis supply chain, retail and reporting processes and bring to market technology solutions that are not only shaping the cannabis retail business, but also driving forward the future of legalization and de-stigmatization.” Flowhub has experienced tremendous growth over the last year, increasing revenue by 200 percent and doubling its customer base across 11 markets, which includes household brands like Cookies, Dr. Greenthumb’s, Green Dragon, Nectar and Starbuds. The company…
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