A Series A funding round earns cannabis technology company $8 million to expand into more dispensaries.
Baker is a cannabis technology company whose goal is to create a comfortable and personalized shopping experience. In their two years of operation they have built a quality team with valuable experience in retail, technology, and cannabis. Now they have received $8M in a Series A funding round. This will allow the ‘data-driven’ platform to expand even further from their Colorado origins.
The company’s first expansions should lead them further into Washington, where they purchased the second largest customer relationship platform. They will also be focusing on entering the California market in 2018. Some of the funds raised in the round will be used to open an office for Baker in Los Angeles, a major hub of the California cannabis industry.
“We’ve built the industry’s leading CRM product, and now we’re truly focused on providing a platform to allow Baker and our partners to offer best-of-breed solutions to our massive retail network,” Joel Milton, CEO of Baker said in a statement. “This funding will allow us to continue to execute on our platform strategy, and help all of our clients grow their businesses — including those in California gearing up for adult use.”
Over 700 dispensaries around the country are outfitted with Baker software. That is probably due to company assessments of their clients seeing a 40% increase in order size and 300% return on investment in just six weeks of use. Poseidon Asset Management led the investment round. The $8M in funding is on top of $3.75M the company raised previously.
“Baker has continued to grow at an impressive rate, and is breaking away from the pack in a big way,” said Morgan Paxhia, Co-founder and Managing Director at Poseidon Asset Management. “Unlike anyone else in the space, the team continues to cultivate and craft unique solutions for its customers and scale at a remarkable rate.”
The Baker App works as an online shopping resource and customer loyalty program. Both of them are widely used in the hundreds of dispensaries where they’ve been implemented. These cannabis technology tools help dispensaries and brands tap their untapped markets, creating growth throughout the industry.