Greenbits Archives - Green Market Report

Debra BorchardtMarch 16, 2021
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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 CapitalThrive CapitalGron 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.


Debra BorchardtApril 16, 2020
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Capital may be tight for most cannabis companies, but investors are still willing to make some selective bets. The cannabis retail platform, Greenbits raised $23 Million in a Series B funding round led by Tiger Global and Casa Verde. Greenbits serves more than 1,200 retail locations, including both medical dispensaries and adult-use retailers, across 13 states. In February, Greenbits began operating in the state of Illinois, which opened its adult-use market in January and is expected to become the second-largest cannabis market in the United States. 

As the COVID-19 pandemic has wreaked havoc on retail, Greenbits has managed to stay above the chaos. “Same-store sales are up 35% year over year in March. We saw legal cannabis sales spike in the onset of the coronavirus pandemic this March, and they have remained robust in the weeks since,” said CEO Barry Saik. “We have continued to support our retail and dispensary customers as they adapt to offer call-ahead ordering and ordering and curbside deliveries, ensuring safe practices for their communities. With this investment, we’ll able to continue helping our customers grow their businesses with ease,” said Greenbits CEO Barry Saik.

The investment comes from New York-based Tiger Global Management, an investment firm focused on growth-oriented internet, software, consumer, and payments. Tiger co-led the round with Los Angeles-based  Casa Verde, a  cannabis investment fund. The round also included existing investors as well as several prominent industry executives with experience in software and payments. 

“Over the last six months, we laid plans to position the company for a new phase of accelerated growth. We could not be more pleased that Tiger Global and Casa Verde share our vision and excitement in the future of the company and the sector at large,” said Greenbits CEO Barry Saik, who joined the company in late 2019 after a long run at Intuit and then at GoDaddy. 

Today, Greenbits serves more than 1,200 retail locations, including medical dispensaries and adult-use retailers, across 13 states. Greenbits will use the new capital to accelerate sales, marketing, and product development while expanding product and service offerings to new geographic markets. Greenbits processes $3.7 billion in regulated cannabis sales annually on its point-of-sale platform.

“We are excited to partner with Greenbits again in its next phase of growth,” said Karan Wadhera, Managing Partner of Casa Verde. “Greenbits has emerged as the leading player in the industry because of its sharp focus on retail, its ability to serve customers ranging from single-store locations to the largest multi-state operators, and its development into a comprehensive retail platform that can rapidly scale.” 

Saik joined Greenbits after founding and running the SmartLine business at GoDaddy (NYSE: GDDY), the global company that helps entrepreneurs and businesses to be successful online. In addition, Greenbits announced that Sarvesh Mathur has joined the company as its new Chief Technology Officer. Before Greenbits, Mathur served as CTO at Scout RFP (acquired by Workday), the procurement and sourcing software solution for businesses that has been praised for its simplicity, design, and impact on customers’ bottom lines. 

 

 


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