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Kraft Heinz-backed Venture Fund Invests $23 Million into Flowhub


Kraft Heinz-backed Venture Fund Invests $23 Million into Flowhub

Flowhub, a now Denver-based retail cannabis tracking software company, successfully closed a Series A funding round. The company closed a $23 million Series A funding round led by e.ventures. Evolv Ventures is a venture fund that is backed by Kraft Heinz and Poseidon. The venture fund has other contributors like former NBA commissioner David Stern, Venmo co-founder Iqram Magdon-Ismail, and 9Yards Capital.

The company has processed more than $1 billion in cannabis salues annually through partnerships with over 700 cannabis retailers and the partners of the retailers. Flowhub increased its year-over-year revenue by 200% and doubled its customer base in 11 markets.

Jett Fein, partner at e.ventures, stated: “We are excited to join Flowhub at such a crucial time in the company’s overall growth journey. As the demand for legal cannabis products rises across the U.S., Flowhub is focused on using technology to advance the future of the cannabis industry, and has built a cloud platform with a suite of applications that enables dispensaries to provide superior and tailored consumer retail experiences in this highly regulated industry.”

Flowhub’s CEO, Kyle Sherman, said that the $23 million in capital gained from the Series A funding round will be used to continue workforce expansion at Flowhub. The focus of hiring at the company to match the pace set by dispensary staff and the dispensary owners.

“We’ll eventually expand into the payments space to further provide secure, safe digital transactions for our customers and for the consumer,” said Sherman. “This is something that needs to happen. And we’re the right company to lead this movement.”

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Kraft Heinz-backed Venture Fund Invests $23 Million into Flowhub


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