Dutchie, Leading Online Cannabis Marketplace, Secures $15 Million Series A Round
BEND, Ore., Sept. 11, 2019 /PRNewswire/ -- Dutchie, the leading e-commerce platform for cannabis pickup and delivery, closed a $15 million Series A round supported by a powerhouse group of investors, including:
"We're thrilled to have such a great group of investors to help guide us through this next phase of the business," said Ross Lipson, CEO and co-founder, Dutchie. "Scaling a company has its share of challenges, especially in an emerging new industry; however, having seasoned investors in our corner who can lend their experience and expertise will help us take Dutchie to the next level."
Dutchie is in hyper-growth, facilitating over $140 million in Annualized GMV with over 450 dispensaries across 18states now using the platform. This latest round of funding brings the total investment to $18 million which will support the hiring of top talent, developing new product features and rapidly expanding their customer base.
"We see the opportunity in cannabis e-commerce as nothing short of generational, so it's a vertical we've studied intensively since launching our fund," said Wilder Ramsey, Managing Partner at Gron Ventures. "Dutchie's remarkable growth is a product of the value it is adding to dispensaries as a revenue driving partner, and a majority of leading multi-state operators are already on the platform."
As well known cannabis brands and retail operations begin to emerge, services that can successfully connect consumers to their favorite products will play an increasingly important role in the industry. "We're witnessing a unique inflection point in the cannabis industry, and it is abundantly clear that on-demand e-commerce will play a critical role in the market" said Karan Wadhera of Casa Verde Capital. "Dutchie has established itself as a leader in the space and we are thrilled to continue supporting Ross and the team."
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