Privately-owned cannabis tech firm Dutchie has raised $350m in Series D financing which is now placing a $3.75 billion valuation on the Oregon-based company. The company said it plans to use the money to keep expanding operations and invest in R&D investments to launch major products to support cannabis dispensaries. That includes hiring more top talent for the firm.
Dutchie is a behind-the-scenes company that charges dispensaries a monthly fee to create and run their websites and manage orders. With the pandemic, many dispensaries were pushed to create online ordering for pickup in-store. Plus, many customers don’t like waiting in lines and the convenience of online ordering and express pickup desks in dispensaries has added to the product’s popularity. The company said in a statement,
We have had a pivotal 2021 and will continue to expand our product suite and innovate solutions for cannabis retailers. As we strive to create safe and easy access to cannabis, we hope to open more hearts and minds to the good it can do.
Founded in 2017, Dutchie now has over 500 employees across 40 different U.S. states and in Canada. In the last fundraising round CEO Ross Lipson said,
“Dutchie’s mission is to provide safe and easy access to cannabis while helping power the positive societal change that cannabis is bringing to the world. We believe we have a responsibility to help contribute to the next evolution of the industry, help all sides of the market grow, and create opportunities and outcomes that benefit all of our partners and consumers.”
Dutchie’s Series D comes seven months after its last funding round — a $200 million Series C — one of the largest private funding rounds in the cannabis industry. The round was led by D1 Capital Partners, with participation from previous investors including Tiger Global, Dragoneer, DFJ Growth, Thrive Capital, Gron Ventures, and Casa Verde Capital, and new investors, including Willoughby Capital, Glynn Capital, and Park West Asset Management.