One of the fastest-growing cannabis tech platforms Dutchie said it completed its $200 million Series C, at a $1.7 billion valuation. The company’s latest funding round is led by Tiger Global, with participation from new investors Dragoneer and DFJ Growth, and from existing investors including Casa Verde Capital, Thrive Capital, Gron Ventures, and former Starbucks Chairman and CEO Howard Schultz. Dutchie also said it is buying Greenbits and LeafLogix, two enterprise resource planning (ERP) and point-of-sale (POS) software solutions serving the cannabis industry, to provide more value to dispensaries and consumers.
“Since dutchie was founded in July 2017, we’ve always been hyper-focused on our retailers. We’ve taken pride in being there when they need us and building a product that’s designed to solve the unique challenges they face in this industry. As technology in the space has evolved, the relationship between point of sale and e-commerce has taken center stage, and continuously investing in these partnerships has long been a top priority for dutchie,” read the company statement.
The company also announced that Tim Barash, former CFO and Chief Business Officer at Toast, will serve as the company’s new Executive Chairman. Barash said, “Dutchie is powering a new generation of entrepreneurs driving one of the most disruptive consumer trends of the last century. This is a once-in-a-lifetime opportunity to join a team focused on accelerating an industry that has a wide range of positive societal impacts, from better health and wellness outcomes to reversing a stigma that hampers criminal justice reform to supporting communities by enhancing state and local tax revenues.”
Dutchie went on to say, “LeafLogix and Greenbits have always been great partners. As we grew closer we found that these companies, in particular, shared our passion for customer success and our beliefs around the benefits cannabis can have on society. Over time it became clear that officially bringing our teams and technology together would create unparalleled opportunities to build solutions for our retailers. Thus, the decision was made for dutchie to acquire both companies. With point of sale and e-commerce systems playing a central role in the tech stack, we believe it’s important to enable retailers to choose the technology that best suits their operation. As such, we look forward to continuing our contributions to a healthy partner ecosystem in cannabis. For dutchie, LeafLogix, and Greenbits, investing in our API’s and integrations will remain a top priority, staying true to our commitment to provide a platform that puts retailers first.”
John Curtius, Partner at Tiger Global said, “We work with companies that have the potential to reshape major parts of the global economy. Our investment will help dutchie extend its platform and deepen relationships with merchants, consumers, and brands to drive better outcomes for all in this ecosystem. We look forward to supporting this world-class team as they hit a new phase of growth.”
Dutchie said the Series C funds will go toward continuing to add and attract top talent, assist with expansion into new markets, and launch major product developments to support cannabis dispensaries while meeting evolving consumer demand and expectations.