SANTA CRUZ–Jane Technologies, Inc. , an e-commerce online cannabis marketplace, announced the closing of a $100 million Series C round of funding. The round was led by Honor Ventures with participation from Third Point Ventures, Gotham Green Partners, L2 Ventures, Delta Emerald Ventures and Artemis Growth Partners. Jane previously raised $30 million in funding, bringing the total amount of capital raised to roughly $130 million.
Jane’s business solutions and products empowers cannabis retailers and brands and improves consumer access to cannabis. Today, roughly 20% of all legal cannabis transactions in the U.S. are powered by the Jane platform, which catalogs 700,000+ SKUs across the industry.
Jane will use the additional funding to expand its digital footprint and grow its team across multiple areas of operations. The capital will also be used to further enhance existing software solutions and introduce new technologies to help bring large cannabis enterprises and small operators into the future of digital retail.
“The Jane team has worked diligently over the past few years to ensure we have the right foundation to take this next step in establishing the cannabis industry’s digital infrastructure on a global scale,” said Socrates Rosenfeld, Co-founder and CEO of Jane. “We don’t define success by the amount of capital we’ve raised or the size of our team, but by the value we create for our dispensary partners, brand partners and consumers. This round of funding represents the beginning of the next chapter for Jane as we continue steadfast on our mission of empowering local businesses while providing safe access to a plant that helps so many people around the world.”
Strongly influenced by restrictions enacted during the pandemic, e-commerce sales in the U.S. grew more than 32% in 2020. The shift to online shopping continues in 2021 with digital orders accounting for nearly 20% of total retail purchases and driving 47.1% of all retail growth in Q1 2021. In the increasingly complex digital retail landscape, Jane’s turnkey e-commerce platform empowers cannabis operators to create a personalized, automated and modern online presence capable of keeping up with consumer trends. Jane offers dispensaries real-time POS integration, inventory optimization, headless e-commerce solutions, retail and market analytics and curated content directly from the brands, while brands receive digital merchandising, (in)Direct-to-Consumer e-commerce solutions as well as consumer insights. Consumers also benefit from live updated menus, verified customer product reviews and tools to locate products from local dispensaries.
“Over the last 25 years I’ve spent working with e-commerce companies, few have become enduring global platforms,” said Jeffrey Housenbold, Founding Managing Partner of Honor Ventures. “Jane has all the right ingredients to become the next eBay or Shopify. They are creating a win-win for all constituents in the ecosystem – brands, retailers and consumers all benefit from their platform and trust Jane to be the go-to service provider to build the future of cannabis commerce on a global basis. I’m excited to watch Socrates and his team build an amazing company, a great place to work and a trusted brand.”
Just last month, Jane expanded outside of the U.S. for the very first time with its launch in Canada via cannabis retailer, High Tide. In June 2021, Jane released its new headless e-commerce solution, Jane Roots, which takes care of backend e-commerce infrastructure including integrations, data cleansing, personalization, reviews and automation. Jane Roots enables retailers and brands to focus on designing the front-end user experience and updating content without losing backend code. Jane currently holds five software patents for their e-commerce automation technology they developed for brick and mortar retailers.
Some of the cannabis industry’s leading multi-state operators and brands partner with Jane to power and manage their e-commerce platforms, including Green Thumb Industries, Columbia Care, Jushi Holdings Inc., Cresco, Kiva, Lowell Herb Co., Papa & Barkley and WYLD. This year, Jane is on pace to power more than 25 million orders and $3 billion in cannabis sales through their network of 2,100+ dispensaries and 300+ brand partners across 36 U.S. state markets and Canada.