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 valution 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.