Fyllo has raised $10 million in Series A2 financing from both existing and new investors, bringing total funding to date to $26 million. The Series A2 round was led by existing investors JW Asset Management and K2 & Associates with participation from current investors Arcadian, Salveo Capital, and Phyto Partners. Fyllo said that the new investment would provide the company with resources to advance its market-leading data, media and compliance solutions and accelerate expansion into other highly regulated industries.
“We’re grateful to our investors for their continued support and commitment to our vision,” said Chad Bronstein, CEO of Fyllo. “Fyllo’s offering is well-timed with the rapidly increasing acceptance and consumption of cannabis and CBD, and the opportunity for brands to build relationships with a massive new customer base. As industry growth outstrips legalization, marketers and legal professionals will need our help now more than ever in order to keep pace with compliance and consumer demand.”
The Fyllo Compliance Cloud is a suite of enterprise-grade software and services powered by RegsTechnology, the largest database of cannabis laws and regulations at the federal, state and local level. Fyllo acquired CannaRegs earlier this year following the company’s capital raise of $18 million. At that time Amanda Ostrowitz, founder and CEO of CannaRegssaid, “In a short period of time, Fyllo has emerged as an essential platform for publishers and cannabis companies to build creative campaigns in a safe and compliant way.”
Since its launch in 2019, Fyllo’s customer base has grown to include many brands in cannabis. And with its recent release of the Fyllo Data Marketplace, mainstream marketers can now leverage previously inaccessible cannabis-endemic audience data for digital advertising.
“We were excited to lead this funding round, and continue supporting the innovative technology platform being built at Fyllo,” said Jason Klarreich, Managing Director of JW Asset Management. “This is one of the first companies to build an enterprise solution for cannabis that will ultimately be brought to bear on other highly regulated industries.”