Cannabis ERP Platform GrowerIQ Raises $2.3M In An Oversubscribed Seed Round
GrowerIQ, a cannabis enterprise resource planning (ERP) platform, recently closed an oversubscribed CA$3 million ($2.3 million) seed round.
GrowerIQ, a cannabis enterprise resource planning (ERP) platform, recently closed an oversubscribed CA$3 million ($2.3 million) seed round. The round was co-led by Golden Section and MaRS IAF, with participation from LAGO, Delbridge, GTM Fund and Gaingels.
Non-cannabis ERP systems don't work for cannabis production, so producers are stuck using Excel or outdated software that do not talk to each other. This makes it hard to gather data for compliance reporting or analysis.
GrowerIQ was founded to help cannabis companies simplify operations, stay compliant and leverage data to improve their bottom line. The company's ERP includes modules for cultivation, manufacturing, warehouse, CRM, orders and quality management.
"This funding allows us to heavily invest in our tech and continue building the most comprehensive cannabis management platform on the market," stated GrowerIQ founder and CEO, Andrew Wilson. "We're thrilled to have the support of such experienced investors as we grow our business and help more cannabis companies streamline their operations."
Golden Section executive director, Andrew Smith, stated: "We invest in founders who have subject matter expertise and vision. The company's leadership certainly meets those criteria, as it seeks to solve a major pain point in an emerging industry that will help businesses be more efficient and compliant on a global scale. The impressive customer base and track record of success, coupled with a focus on capital efficiency and product quality, make this a natural fit for our portfolio. We're excited to partner with GrowerIQ as they scale their business and continue innovating."
The MaRS IAF team stated: "The GrowerIQ team impressed us with their deep understanding of the customers and market, and how their needs informed the product development. Throughout the process the team continued to execute on their go to market strategy and consistently drive strong growth. It was quite clear that GrowerIQ was solving a very meaningful problem for their customers. It's been great to work with the team and we look forward to being part of the growth journey."