VC Firms Of Snoop Dogg And Kevin Durant Join $35M Funding Round For Dutchie Delivery
E-commerce company Dutchie completed a $35 million Series B funding round, with backing from Snoop Dogg's Casa Verde Capital, Kevin Durant's Thirty Five Ventures and Former Starbucks Chairman and CEO, Howard Schultz.
Thrive Capital and Gron Ventures also participated in the effort.
The venture capital round brings Dutchie's total funding to $53 million.
According to Dutchie co-founder and CEO Ross Lipson, the company has spent three years building what it says is "the largest online ordering service in cannabis."
"We will accelerate in every aspect, from building a world class team, to delivering the industry's best product, and continuing to push the boundaries with innovative and exciting ways to connect consumers and dispensaries," Lipson said.
Dutchie processes approximately 75,000 orders a day and is facilitating over $2.4 billion in annualized sales.
This week, Dutchie processed its ten millionth order since the company's founding in 2017.
The funding round comes as legal cannabis sales continue to increase. In 2019, volume grew by 46% to $14.8 billion, per Arcview Research. That represents the highest annual rate of growth to date.
The new funds will drive Dutchie's growth, assist with expansion into new markets, and launch major product developments to support cannabis dispensaries while meeting consumer demand and expectations across North America, the Bend, Oregon-based company said.
Dutchie previously raised $15 million in venture capital in 2019. Gron Ventures, Casa Verde and Thirty Five Ventures invested in that round as well, alongside Sinai Ventures and Shutterstock founder Jon Oringer.
Earlier this summer, Dutchie teamed up with Springbig to allow users to redeem their loyalty points at eligible dispensaries nationwide through delivery and pick-up orders, nullifying the need to physically visit the store in order to redeem rewards.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.