Friday December 15, 2017 0 comments
DENVER -- Baker, a leading marketing automation platform for marijuana dispensaries and brands, announced it secured $8 million in Series A funding, bringing its total amount of capital raised to $11.75 million.
Led by Poseidon Asset Management, a VC firm that specializes in cannabis, this round will help fuel Baker's continued growth, particularly in Washington and California, the company said.
Baker recently acquired Seattle-based Grassworks, the industry's second largest CRM platform, and is increasing its presence there with a new office. The company also plans to open an office in Los Angeles in 2018 to support its expected growth in California, as that market adds adult recreational use.
"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,” said Joel Milton, Baker CEO.
“Our products help dispensaries make more money, which is why we've experienced such tremendous growth this year. 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."
The Denver-based software company has a unique data-driven approach that helps dispensaries leverage their brands to keep their customers happy and loyal, and increase revenue almost immediately.
With its recent acquisition, Baker's software is being used by more than 700 dispensaries in 16 states. This year alone, the company grew its staff from 18 to more than 50 full time employees, making Baker one of the largest tech companies in the industry.
Other investors to participate in Baker's Series A include cannabis VC firms Panther Opportunity Fund and Phyto Partners, as well as participation from other previous investors.
"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. I'm thrilled to be a part of a company that is truly transforming the industry."