Flowhub, Denver, Colo., raised a $23 million Series A financing round led by e.ventures, San Francisco; Evolv Ventures, Kraft Heinz’ Chicago-based venture fund; and Poseidon Asset Management, LLC, San Francisco, with contributions from 9Yards Capital, San Francisco; former NBA commissioner David Stern and Iqram Magdon-Ismail, co-founder and former CEO of Venmo, New York, among others. This investment is set to position the company as a SaaS solution for the retail cannabis industry.
"What we are experiencing right now is an end to cannabis prohibition, and Flowhub is on the front lines of this movement," says 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."
"We are excited to join Flowhub at such a crucial time in the company's overall growth journey," says Jett Fein, partner, e.ventures. "As the demand for legal cannabis products rises across the U.S., Flowhub is focused on using technology to advance the future of the cannabis industry, and has built a cloud platform with a suite of applications that enables dispensaries to provide superior and tailored consumer retail experiences in this highly regulated industry. We support their mission and look forward to their continued success."
"Cannabis is not an industry that you just jump right into," says Emily Paxhia, managing director, Poseidon. "The compliance and regulation aspects make this a unique industry, and Flowhub is one of the leading cannabis tech companies that is taking a meticulous and strategic approach. We saw the potential for Flowhub's technology and mission early on, and we're thrilled to continue to support them in delivering the cannabis retail experience of the future."
This marks the first cannabis tech investment from Evolv Ventures and e.ventures.
