Dutchie, a Cannabis Retail Tech Startup, has Raised $350 Million in Series D Funding
Funding of $350 million in Series D, has raised the total worth of Dutchie to $3.75 billion in less than a year.
In the latest Series D funding, the cannabis tech retail startup, Dutchie, has raised $350 million. The startup has reached heights very quickly. It provides a technology to support the cannabis dispensaries in online orders. The startup has successfully tapped the potential of legal cannabis sales in the U.S. And there is no doubt that in the near future it will contribute greatly in normalising cannabis industry in the region.
The startup is not even 4 years old yet, and it has emerged as a very strong candidate in the industry. The prime aim of the startup is to strengthen cannabis commerce and streamline the different processes involved in it. Furthermore, it is a known fact that cannabis is considered one of the societal taboos. Therefore, another aim of the startup is to break this taboo and normalize cannabis commerce.
The growth rate of the startup has mushroomed as the support for the legalization of marijuana culminated. As per the findings of PEW, 91% of Americans want the legality of marijuana for medical and recreational purposes. Different states have even legalized cannabis. This is why it is reported that the market of cannabis will grow to $24 billion by 2024.
“Cannabis presents opportunities for job creation, critical reforms, and opens up new revenues to support state and local economies and communities,” co-founder and CEO Ross Lipson said.
As of now, Dutchie has raised circa $600 million in total, and the size of the company has doubled in the last six months. Currently, it has over 500 employees and the startup has penetrated into 40 U.S states and Canada.
The technologies of the company include eCommerce, payment solutions, and point sales. It has enabled the startup to make sales of $14 billion per year at around 5000 cannabis dispensaries across North America.
It is worthy to note that the startup has grown at an even faster speed during the pandemic. As per many reports, the overall demand for eCommerce has multiplied in COVID. Because COVID forced social distancing legislations globally, the demand for eCommerce platforms increased rapidly. This is the major reason that social media platforms like Facebook and Instagram have introduced features to facilitate eCommerce platforms. Therefore, the development of eCommerce platforms has also increased promoting online businesses.