Cannabis tech company Flowhub raises $ 19 million – New Cannabis Ventures
Flowhub Announces $ 19 Million Strategic Funding Led By Headline, Poseidon & Shawn “Jay-Z” Carter
New Fundraiser Brings Cannatech Company Valuation to Over $ 200 Million
DENVER, Oct. 12, 2021 / CNW / – Flowhub, the cannabis retail point-of-sale platform for dispensaries, today announced the closing of a strategic funding of $ 19 million, bringing the total amount of capital raised to nearly $ 50 million with a valuation of over $ 200 million. The funding was led by venture capitalists Headline and Poseidon, and included a personal investment from world-renowned rapper, entrepreneur and entertainment mogul Shawn “Jay-Z” Carter.
With the additional funding, Flowhub will accelerate its expansion in emerging markets, further develop its dynamic product line and expand its social equity program. Launched in June 2021, Flowhub’s social equity program invests in those who have been negatively affected by the war on drugs. According to the program, eligible social equity business owners receive Flowhub point-of-sale software at a reduced price of $ 4.20 for up to three years, StashÂ® and GreetÂ® mobile apps, View â¢ app and free implementation. To date, Flowhub has awarded over $ 1 million in software products to eligible cannabis entrepreneurs through this program.
We are delighted to announce this capital increase. Headline is an incredible Silicon Valley-based venture capital firm, Poseidon is a pioneering investor in the cannabis industry, and Jay-Z is a global cultural and creative force no matter what industry he’s involved in.
Kyle Sherman, Founder and CEO of Flowhub
I couldn’t think of a better group to work with as we take this business to the next level. This funding not only underscores the significant value that Flowhub provides to our customers, but also the maturation of the cannabis industry as a whole. We remain committed to developing innovative products that help our retail customers run better businesses.
Flowhub processes over $ 3 billion in cannabis sales annually and is trusted by over 1,000 dispensaries. Designed specifically to serve the highly regulated cannabis industry, Flowhub helps dispensaries operate in a compliant manner, grow effortlessly, and deliver exceptional customer experiences. By automating the compliance process that cannabis retailers face on a daily basis and helping dispensaries sell smarter, Flowhub strives to create a future where cannabis is accessible to all adults on planet Earth.
Recently, Flowhub appointed Leandre Johns as COO. The former Uber executive was recruited to help shape the company for the next stage of growth. The company also announced a recent integration by Weedmaps (NASDAQ: MAPS) to streamline online ordering for consumers and cannabis retailers powered by Flowhub.
To learn more or apply for Flowhub’s Social Equity Program, please visit https://flowhub.com/social-equity-program.
To learn more about Flowhub’s retail platform or to request a demo, please visit https://flowhub.com/.
Flowhub is the cannabis retail software company that helps dispensaries by providing compliance, point-of-sale, inventory tracking and business intelligence solutions. As the premier Metrc integrator with the first mobile recording and inventory management apps, Flowhub processes over $ 3 billion in cannabis sales annually and enables over 1,000 cannabis retailers to streamline their workflows daily in dispensaries. Flowhub is proud to be one of the founding directors of the Cannabis Trade Federation and the US Cannabis Council, committed to advancing social equity and the federal legalization of cannabis. The company has awarded more than $ 1 million in open source software products as part of its social equity program. Founded in Denver in 2015, Flowhub is a private, remote-first company. Investors include Headline, Poseidon, Shawn “Jay-Z” Carter and Evolv Ventures (the venture capital arm of Kraft Heinz Company). For more information, visit flowhub.com.
Original press release