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Cannabis e-commerce platform Dutchie has closed a $200-million Series C funding round led by Tiger Global, boosting the Bend, Oregon-based company's valuation to $1.7 billion.
The fundraise comes after Dutchie raised $35 million in a Series B round.
Dragoneer and DFJ Growth also participated in the effort, alongside returning investors including Casa Verde Capital, Thrive Capital, Gron Ventures and former Starbucks chairman and CEO Howard Schultz.
Separately, Dutchie agreed to acquire Greenbits and LeafLogix — two enterprise resource planning and point-of-sale software solutions serving the cannabis industry.
This latest investment “reflects the growth trajectory of cannabis as one of the world’s fastest-growing industries" and opens up countless possibilities for the industry, Dutchie CEO and co-founder Ross Lipson told Benzinga.
“We’re focused on developing innovative technology, attracting top talent and ultimately creating outcomes that will benefit consumers, dispensaries, and communities,” he said. “As the cannabis industry continues to grow at a breakneck pace, Dutchie is helping a new generation of cannabis entrepreneurs grow their business, meet soaring consumer demand and lift up local communities through economic impact.”
Dutchie processes more than 10% of all legal cannabis sales globally.
“We’ll continue to help the industry create a seamless experience for businesses and consumers alike and realize its full potential for the benefit of society and economy as a whole,” Lipson said.
Lead image by Ilona Szentivanyi. Copyright: Benzinga.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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