SEATTLE–Headset, the provider of data and analytics to the cannabis industry, announced today that it has raised $3M of new capital led by Althea, a private equity investment firm. Other participating investors are Poseidon Investment Management, a leading investor in the legal cannabis and hemp industries and WGD Capital, L.P., a cannabis focused venture fund. As part of this financing, Headset also converted $5.6M of bridge notes previously issued in August 2020 and April 2021. Headset’s retail data is leveraged by thousands of organizations to make smarter decisions when it comes to the cannabis industry and this round of capital will enable them to expand that reach.
“With this latest round of capital, Headset is able to achieve significant milestones in the industry, including the expansion of our market measurement services to all legal markets and launch new and exciting services designed to help organizations understand and activate consumer purchase behaviors at unprecedented levels,” said Cy Scott, CEO and Co-Founder of Headset, “We are excited to be working with Althea who brings expertise in the areas of technology, analytics, CPG and cannabis.”
Since its launch in 2015, Headset has been the leader in powering advanced and unparalleled analytics services for growing customer bases within cannabis, supporting retailers and dispensaries in over thirty territories, with market projections in the U.S. and Canada. They continue to elevate the caliber of the cannabis industry providing precise data-driven insights to brands, dispensaries, retailers and organizations in the financial services and consumer packaged goods sector. This raise will deploy capital and ultimately enable Headset to quickly expand its market intelligence platform.
“At Althea, we partner with exceptional founders who are passionate about their people,” said Don Stoltz, Co-Founder of Althea. “Cy, Scott and Brian, have prioritized culture and collaboration while encouraging intellectual freedom. As Peter Drucker said, ‘Culture eats strategy for breakfast’. We are thrilled to join the Headset family on the next leg of their journey.”
“The Headset platform is unparalleled in its breadth, depth, and real time analytics, providing it with an enduring competitive advantage and growing business moat,” said Eliza Gairard, Co-Founder of Althea. “As the industry matures, the importance of data and analytics will grow exponentially, and we believe Headset is uniquely positioned to win.”
(This information is primarily sourced from Headset. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).