DENVER, CO--(Marketwired - Dec 21, 2015) - MJ Freeway, the leader in software solutions and services for legal cannabis businesses, today announced $8 million in Series B financing. Investors in the round include Roger McNamee and Tao Capital Partners. The company will use the funding to invest aggressively in product development, while also growing its sales team and business services.
In 2014, the medical marijuana industry was the fastest growing industry in the U.S. and is projected to exceed $35 billion by 2020, according to a recent research report by Bank of America Merrill Lynch, which marks the first market coverage by a major financial institution. MJ Freeway invented patent-pending seed-to-sale cannabis tracking software in 2010, and the company has grown to be the market-leading provider of cannabis business software with clients in 23 states and five countries.
"I have been fortunate to invest in many of the foundational companies in Silicon Valley, including a dozen of the most successful players in enterprise software," said Roger McNamee. "MJ Freeway is positioned to be the leading software platform in cannabis, empowering sound business practices in this rapidly growing legal market."
"As an early investor in the company, we continue to be impressed by the MJ Freeway team and products, which promote regulatory compliance, accountability and professionalism within the nascent and rapidly evolving legal cannabis industry," said Joby Pritzker, Managing Director of Tao Capital Partners and Chairman of the Marijuana Policy Project, the largest organization in the United States focused on marijuana policy reform.
"The rapid expansion of the legal cannabis market across the U.S. and the world demands intelligent, ahead-of-the-curve technology solutions that are grounded in the unique fundamentals of the cannabis plant and market. We have an amazing team of the smartest minds in the industry, and this investment will allow us to accelerate our next generation features and capabilities, as well as nimbly stay ahead of the needs of cannabis businesses and governments," said Amy Poinsett, CEO and Co-Founder, MJ Freeway.
Adds Jessica Billingsley, COO and Co-Founder, "We are equally excited about the investment and the caliber and experience of our investor partners, who will be key consultants advising us on growth strategies. We are proud to say that MJ Freeway has set the standard for seed-to-sale tracking software and technology solutions, and will continue to do so as the cannabis market matures and eventually reaches full legalization in the U.S. and other countries."
MJ Freeway is closing a very successful 2015 with not only strong revenue growth but as the recipient of several prestigious national business awards, including INC 5000's list of Fastest Growing Companies in America, Fortune Most Promising Women Entrepreneur Award, and Entrepreneur magazine's 360 Award for Best Entrepreneurial Companies in America.
About Roger McNamee: Roger McNamee is an American businessman, investor, venture capitalist, and musician. He co-founded venture capital firm Elevation Partners. Previously, McNamee co-founded Silver Lake Partners, the first private equity firm focused on technology, and Integral Capital Partners, a joint venture with Kleiner Perkins Caufield & Byers that pioneered crossover investing. McNamee began his career at T. Rowe Price Associates, where he managed to the top ranked Science and Technology Fund.
About Tao Capital Partners: Tao Capital Partners invests in technology, alternative energy and transportation, healthcare, education, sustainable food and agriculture, consumer, and real estate businesses that have a positive impact. Tao is an active investor with the ability to support companies through various stages of their lifecycle. For more information, please visit www.taocap.com.
About MJ Freeway: MJ Freeway® is the industry-leading software solution for cannabis businesses, with clients in 23 states, the District of Columbia, Canada, Europe, South America, and Australia. Founded in 2010 by a team of career software and IT professionals, the product suite is designed and built from the ground-up specifically for cannabis businesses. MJ Freeway's tracking software includes patent-pending inventory control and grow management applications to streamline workflow and increase efficiency. MJ Freeway's Leaf Data Systems software solution enables governments to track cannabis plants from seed-to-sale and ensure patient, public and product safety. MJ Freeway also offers SuccessMap®, a complete suite of professional services for cannabis businesses. For more information, call 888-932-6537 or visit mjfreeway.com.