Less than a month after announcing a new Denver HQ, cannabis tech startup Flowhub has closed a $23 million Series A.
Flowhub is a cannabis retail software company that helps dispensaries by delivering compliance, point of sale, inventory tracking and business intelligence data from a customizable platform.
The company processes over $1 billion in cannabis sales annually and works with more than 700 cannabis retailers and their partners.
The oversubscribed round was led by e.ventures, Evolv Ventures — the venture fund backed by Chicago-based Kraft Heinz — and Poseidon, with contributions from investors 9Yards Capital, former NBA commissioner David Stern and Venmo co-founder Iqram Magdon-Ismail, among others.
Over the last year, Flowhub has increased revenue by 200 percent and doubled its customer base across 11 markets, the company said. It also recently announced a new headquarters at the former Slack HQ in Denver.
With the legal cannabis market rapidly expanding across the U.S., Flowhub sees itself as a key to helping dispensaries keep up with consumer demands and stay in compliance with regulations.
“What we are experiencing right now is an end to cannabis prohibition and Flowhub is on the front lines of this movement,” said founder and CEO Kyle Sherman in a statement. “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.” [Read More @ Chicago Business Journal]