Thursday April 12, 2018 0 comments
DENVER -- Wurk, which claims to be the first and only workforce management company for the cannabis industry, announced it raised $3.2 million in a bridge funding round.
The funding round included participation from both new and returning investors, including Poseidon Asset Management, which led the round, as well as Phyto Partners, Altitude Investment Partners, Arcview Investor Network and Arcadian Fund.
The company said it plans to use the funding to make key strategic hires and further build-out its cannabis labor management technology. The platform is designed to scale nationally with the growth of the cannabis industry, while incorporating the local laws and regulations unique to each individual state.
“The cannabis industry has made huge strides since Wurk was founded in 2015, making the jump from a fringe economy into a legitimate industry,” said Keegan Peterson, Wurk’s founder and CEO.
“As the industry continues to grow, companies in the space need legitimate HR infrastructures to protect what they’ve built, set themselves up for growth and enable future expansion.
“We’ve worked hard to be the first and only company to provide that infrastructure and look forward to using our latest round of investment to continue to fulfill the industry’s ever-increasing demand.”
“After participating in Wurk’s previous two funding rounds, we are thrilled to have the opportunity to invest in the company yet again,” said Emily Paxhia, Poseidon Asset Management managing partner.
“As investors focused on the cannabis space, we regularly see the HR, accounting, and tax challenges that cannabis startups face on a frequent basis. Wurk’s solution helps ease that massive burden on the industry and creates a huge investment opportunity in doing so.”
Wurk helps cannabis companies manage payroll, human resources, timekeeping, scheduling and tax compliance, streamlines operations and minimizes compliance risks in the ever-changing cannabis regulatory environment.
The company said it uses its expertise with local and national agencies to automate the complex paperwork process involved on clients’ behalf.