Cannabis data firm Hoodie Analytics (Hoodie) announced the close of its inaugural round of fundraising at an undisclosed amount, along with key positions on its strategic advisory board. The inaugural round was led by Greenlight Ventures, Satori Investment Partners, and individual investors Bart Swanson, Steve Weisman, Brian Schindlere, Lorne Gertner, and Jim Belushi. Hoodie said the raise positions it to expand its product and sales efforts. Hoodie’s inaugural round also marks the first investment out of Arcview’s new Seed Fund which operates with sponsorship from Entourage Effect Capital. As part of the financing, Gregg Steinberg, Jim Belushi, and Lorne Gertner will join the Hoodie Strategic Advisory Board.
Hoodie tracks over 3.5 million daily unique offers in over 8,000+ dispensaries in the US and Canada. Hoodie also provides next-day insights so businesses can access market trends and data within hours.
“We founded Hoodie to close the last mile of actionable product insights. We are aiming to create a nexus of industry data: a product graph to connect all industry players together and speed up critical insights. Not only for cannabis brands but for consumers as well,” said Wes Shepherd, Chairman and Chief Executive Officer at Hoodie. “Our core competency is processing massive volumes and a variety of data. Where we differ is that we can build applications equally well. We can deliver insights to people in a variety of roles whether it’s a brand’s salesperson or a dispensary inventory manager or even a webmaster looking to create a product locator for consumers to find their products.”
Cannabis tech has been finding itself awash in investor money. A similar data firm Headset.io raised $3 million in new capital in November of 2021 and looks to have raised over $11 million to date. BDSA Analytics is also thought to have raised roughly $12 million to date. All of these companies are privately owned.
“Hoodie solves a major problem for the cannabis industry at large. Every day we are out of stock in a dispensary means customers and patients can’t get the medicine from 1906 they depend on,” said Peter Barsoom, Co-founder and CEO of 1906. “We finally have a platform our sales team can use to ensure dispensaries are always in stock.” Hoodie’s aim is to track every product, in every dispensary, in every state and province, every single day, and combine this data with ease-of-use as its guiding principle, ensuring that even the busiest salesperson is able to maximize their brand’s sales and efficiency and every consumer can locate their favorite products reliably.
“We are thrilled to make Hoodie Analytics the inaugural investment of the Arcview Seed Fund along with the support of Entourage Effect Capital,” said Jeffrey Finkle, Chief Executive Officer of The Arcview Group. “Hoodie cracked the code with tracking at nearly every dispensary. It’s the broadest suite of competitive intelligence tools that help dispensaries and brand sales teams make smarter decisions and drive revenue.”