Flowhub, a cannabis retail management platform for up-to-date dispensaries, said Tuesday it has raised an oversubscribed $23-million Series A financing round led by e.ventures; Evolv Ventures, the venture fund supported by Kraft Heinz; and Poseidon.
Other contributors included 9Yards Capital; Iqram Magdon-Ismail, the co-founder and former CEO of Venmo; and David Stern, the former NBA commissioner.
It's one of the largest Series A funding rounds to date in the cannabis tech sector and could make FlowHub the SaaS solution of choice for complex cannabis retail challenges, the company said.
Flowhub has now raised $27 million.
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"What we are experiencing right now is an end to cannabis prohibition, and Flowhub is on the front lines of this movement," Kyle Sherman, the company's founder and CEO, said in a statement.
"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 announced improvements on its platform that will allow its customers to more easily manage and develop their dispensaries.
Among the new enhancements are the Stash app, the Cashier app, a Specials engine, and an order ahead feature with integration partner Dutchie, according to Flowhub.
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