NEWS BRIEF Marijuana technology company Dutchie nets $35 million in capital raise
Published 4 hours ago
Oregon-based Dutchie, an online ordering platform for cannabis retailers, raised $35 million from a group of investors that include rapper Snoop Dogg’s Casa Verde Capital, NBA star Kevin Durant’s Thirty Five Ventures and former Starbucks CEO Howard Schultz.
The raise, which will be used to fund new products and expansion, reflects a loosening of the marijuana capital markets, at least when it comes to technology companies.
In July, New York-based LeafLink, a marijuana industry wholesale inventory and ordering platform, raised $250 million in a credit financing deal. And earlier this month two other cannabis businesses focused on the technology sector raised a combined $21.5 million in investment capital.
Online platforms such as Dutchie that offer pickup or delivery services are benefiting during the coronavirus pandemic, as marijuana shops seek to keep customers and employees safe and at adequately distanced.
Dutchie said the other investors in the company’s Series B funding round included Thrive Capital and Gron Ventures. The company said the completion of the round brings its total funding to $53 million to date.
The company said it has spent the past three years building an online ordering service used by marijuana retail outlets in 300 cities in 30 U.S. and Canadian markets.