Jeb Spencer, TVC Capital’s co-founder and managing partner, is set to join GrowFlow’s board of directors after his firm led an $8.4-million Series B funding round for the Los Angeles-based software-as-a-service startup.
GrowFlow, which operates in the cannabis and hemp industries, closed the round last month. Bull & Bear Fund and two individual angel investors also participated in the effort.
Spencer told Benzinga that his firm is pleased to lead a growth equity investment in GrowFlow.
“We could not be more impressed with the company’s leadership position in the cannabis space and their significant penetration into the market," Spencer said.
“TVC has been seeking an enterprise-grade software company in this industry for almost four years, so finding GrowFlow was exciting for us. We look forward to working with [CEO Travis Steffen] and his excellent team as we expand our national footprint.”
San Diego-based TVC Capital is a growth equity firm with $400 million under management. The firm is focused on investments in — and acquisitions of — mission-critical software firms. TVC targets a wide spectrum of software sectors and industry verticals that are poised for growth and consolidation.
The TVC team is led by operating executives with more than 80 years of experience growing technology companies into market leaders. The firm's past and present investments include CreatorIQ, HealthCrowd, SimpleNexus, Perspectium, Celigo, BitTitan, Limeade, LiquidPlanner, Mercent Digital Map Products, SmartAction, Accordent Technologies, Docupace, MediaPlatform, Levels Beyond (Reach Engine), Del Mar DataTrac, Centage and ReverseVision.
Details On GrowFlow's Fundraising
The $8.4-million Series B brings total funding for the company up to $10 million.
The company said the proceeds will be used to fuel GrowFlow's continued sales and marketing efforts, to accelerate product development and to create the company’s new content production arm.
CEO Steffen told Benzinga the funding will propel the company’s growth and support its mission to “streamline every aspect of the cannabis industry."
Noticias sobre cannabis en Español en El Planteo.
TVC is a "powerhouse partner," he said.
“We look forward to working with TVC to expand and release more features to help our customers thrive — especially during this challenging and chaotic time.”
GrowFlow's customers have quickly changed their way of doing business in response to the coronavirus, Steffen said.
"It’s important for us to support them as much as possible. One of the many new features we’re releasing in the coming weeks is an extension of our retail product to offer pre-orders and curbside pickup, allowing our customers the ability to keep servicing their own customers while following social distancing guidelines."
Image from company website.