+ 0.00
+ 0%
+ 0.00
+ 0%
+ 0.00
+ 0%
+ 0.00
+ 0%
+ 0.00
+ 0%

Cannabis Software Startup Trym Raises $3.1M In Seed Funding

September 29, 2020 8:15 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More

Software company Trym announced Tuesday that it has secured $3.1 million in financing through a seed funding round.

Besides $1 million in funding provided by friends and family, the rest of $2.1 million comes from the preferred round co-led by 7thirtz Capital and Delta Emerald Ventures.

Welcan Capital and Arcview Collective Fund also took part in the oversubscribed round.

The Novato, California-based firm intends to utilize the proceeds to develop the software further and introduce its farm management platform into new markets.

Trym CEO Matt Mayberry (pictured) called the company's investors a "perfect match with Trym's DNA." They're also aware that "connectivity is the future of cannabis agriculture and that to stay in the game," he added.

"A disruption is happening in the market, and we are helping to drive it," Mayberry said.

Trym, which was founded in 2018, specializes in farm management software developed for cannabis cultivators.

The platform is intended to drive profitability through enabling optimization and management of daily operations.

Currently, Trym collaborates with over 80 cultivators and multi-state operators across fourteen states.

7thirty Capital Managing Partner Micah Tapman says the "growth opportunity in the cannabis cultivation software market is very exciting."

"We have watched Trym grow since 2019, and their progress has been exceptional," Tapman said, adding that they are "delighted to participate in this round."

Courtesy image

Related Articles

Magic Johnson-Backed Uncle Bud's To Enter Asia Market In November

Uncle Bud's, a hemp and CBD brand backed by Earvin "Magic" Johnson, is poised to debut in Asia. The NBA Lakers legend and Basketball Hall of Famer will launch the brand's newest shop on Nov. 6 on Tmall Global, China's business-to-consumer (B2C) cross-border online platform. read more

Jushi Raises CA$35.5M Equity Offering

Cannabis and hemp company Jushi Holdings Inc. (CSE: JUSH) (OTCQB: JUSHF) is poised to raise CA$35.5 million through an overnight marketed offering. read more

Puration Buys Dallas Area Farmland For $1.3M

Puration Inc. read more

Ontario Boosts Canadian Cannabis Sales To Reach $245M In August

Canada cannabis sales increased 94% over the year and 6% sequentially to CA$244.9 million in August. According to Statistics Canada, the growth can be attributed to the expansion of the retail footprint across provinces, including British Columbia and especially Ontario. read more

Flowr Poised To Acquire Terrace Global Via CA$63M Deal

The Flowr Corp. (TSX.V: FLWR) (OTCPK: FLWPF), a global cannabis company, is acquiring Terrace Global Inc. (TSXV: TRCE). read more