SAN JOSE, Calif., April 16, 2020 /PRNewswire/ -- Greenbits, the
nation's largest cannabis retail platform, announced today that it
has raised $23 million in its Series
B financing round. Coming at a time of economic uncertainty, the
investment reinforces Greenbits's position as the leading
technology company in the legal cannabis industry.
Tiger Global Management, a New
York-based investment firm focused on growth-oriented
internet, software, consumer and payments, co-led the round with
Casa Verde, a Los Angeles-based
cannabis investment fund. DNS Capital and several prominent
industry executives with experience in software and payments also
participated in the round.
Today, Greenbits serves more than 1,200 retail locations,
including medical dispensaries and adult-use retailers, across 13
states. Greenbits will use the new capital to accelerate sales,
marketing, and product development while expanding product and
service offerings to new geographic markets. In February, Greenbits
began operating in the state of Illinois, which opened its adult-use market in
January and is expected to become the second-largest cannabis
market in the United States.
"Over the last six months, we laid plans to position the company
for a new phase of accelerated growth. We could not be more pleased
that Tiger Global and Casa Verde share our vision and excitement in
the future of the company and the sector at large," said Greenbits
CEO Barry Saik, who joined the
company in late 2019 after a long run at Intuit and then at
GoDaddy.
"We are excited to partner with Greenbits again in its next
phase of growth," said Karan
Wadhera, Managing Partner of Casa Verde. "Greenbits has
emerged as the leading player in the industry because of its sharp
focus on retail, its ability to serve customers ranging from single
store locations to the largest multi-state operators, and its
development into a comprehensive retail platform that can rapidly
scale."
Saik noted that, despite the macro volatility and the
coronavirus pandemic, legal cannabis sales remain robust. According
to Saik, same store sales year-to-date are up 25% over the same
period last year and same store sales in March 2020 were up nearly 35% year-on-year.
A veteran of Silicon Valley start-ups and global tech companies,
Saik comes to Greenbits with a wealth of experience in scaling
software solutions that help businesses grow. Saik joined Greenbits
after founding and running the SmartLine business at GoDaddy (NYSE:
GDDY), the global company that helps entrepreneurs and businesses
to be successful online. Before GoDaddy, Saik spent 15 years
working in a variety of senior roles at Intuit, and its marquis
product, TurboTax, the leading software solution for business and
personal tax filings. During his tenure, he led the founding team
of TurboTax Online and the engineering team charged with coding
federal and state tax codes into the software, a product
centerpiece that has strong resonance with Greenbits's
auto-compliance functions with state cannabis regulations.
In addition, Greenbits announced that Sarvesh Mathur has joined the company as its new
Chief Technology Officer. Like Saik, Mathur brings substantial
experience building and providing software solutions to help
businesses succeed. Before Greenbits, Mathur served as CTO at Scout
RFP (acquired by Workday), the procurement and sourcing software
solution for businesses that has been praised for its simplicity,
design, and impact on customers' bottom lines.
Greenbits also announced the launch of its renewed brand and
corporate identity. The Greenbits brand update aligns with the
company's core belief that regulated cannabis should be safer,
smarter, and easier.
About Greenbits
Greenbits empowers more than 1,200 cannabis retail locations across
13 states with a safer, smarter, easier way to manage day-to-day
operations and maximize store performance. The company's robust
retail platform – with automated state-by-state compliance, point
of sale, inventory control, and personalized insights – enables
owners, managers, and budtenders to run, protect, and grow their
businesses with ease. As the largest provider of retail technology,
Greenbits processes $3.7 billion in
regulated cannabis sales annually on its point-of-sale platform.
The company is headquartered in San Jose,
California, and has an office in Portland, Oregon. Learn more at
http://www.greenbits.com/.
About Casa Verde
Casa Verde (CV) is the leading venture capital firm focusing
exclusively on the cannabis industry. As both the domestic and
international markets continue to evolve and mature, CV maintains a
view that cannabis will be among the most compelling investment
themes of our generation. The fund invests in scalable, capital
efficient businesses, led by world-class management teams,
addressing long-term market needs. Learn more at
http://www.casaverdecapital.com/.
About DNS Capital
DNS Capital is the private investment office for Gigi Pritzker Pucker, Michael Pucker and their immediate family. DNS
Capital takes a long-term and flexible approach to investing, and
focuses on people, relationships and culture. Learn more at
http://www.dnscap.com/.
Media Contact:
Keegan
Bales
KBales@TridentDMG.com
202-738-3980
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SOURCE Greenbits