LOS ANGELES– Dutchie is a point-of-sale commercial software platform enabling dispensaries to have access to the type of technology and tools needed to operate in cannabis. They raised their largest funding to date, $200 million in a Series C, set to value the company at $1.7 billion.
The round was led by Tiger Global. Dragoneer and DFJ Growth, Casa Verde Capital, Thrive Capital, Gron Ventures and Howard Schultz also joined in the raise. The new funding gives Oregon-based Dutchie $253 million in total funding since being founded in 2017. It previously raised a $35 million Series B round last August.
“This round is one of the largest in cannabis and a landmark round that brings top-tier people to the space,” Ross Lipson, Dutchie co-founder and CEO, told Crunchbase News. “The industry is bringing change, and it’s a beautiful opportunity to be a part of it.”
Dutchie connects consumers to local cannabis retailers and their success is attracting more investors into one of the fastest-growing in the world and is slated to reach $30 billion in value in 2025. At the same time, UBS expects one quarter of total U.S. retail spending to be online.
The company focuses on being an education and discovery tool so cannabis buyers can learn about cannabis, what works for them and what is available at their nearest dispensary, so they can make an informed buying decision, he added.
The new capital will be deployed in new hires, expanding into new markets and product development.
Dutchie announced in the same press releases, their acquisitions of cannabis retail platform Greenbits as well as cannabis software provider LeafLogix. Both companies bring point-of-sale expertise and software into Dutchie which now becomes one of the leading players in the lucrative cannabis retail arena.
Tim Barash, former CFO and chief business officer at Toast, who also has joined. Mr. Barash will serve as the company’s new executive chairman.
Feature photo of Dutchie founders Ross Lipson and Zach Lipson and inset photo courtesy from Dutchie.