As the cannabis market expands, technology businesses involved in the industry are always getting buzz. Florida startup springbig, a customer loyalty software company, recently acquired $3.2 million to help fund expansion. This makes for a total of $6.3 million total in funding. Springbig’s software provides its customers with email and messaging software for cannabis retailers. The product has seen lots of anticipation, and is going to be sold all over legal cannabis states in the US.
This round of investing came from several places. The investing firm Green Acre Capital, a Canadian investment firm specializing in legal cannabis startups, was one of the funding leaders. Halley Venture Partners was another funding leader, and members of the ArcView Group and other strategic investors contributed to this round of funding as well. Tyler Stuart, Managing Director of Green Acre Capital released a statement regarding the latest funding.
“We are delighted to be participating in this funding round,” Stuart stated. “springbig and its management team have a proven track record of creating value for customers by providing best in class technology and measured ROI for Cannabis retailers. We know that this is a company to watch as they further expand their team and offerings.”
Both springbig, and Green Acre Capital have been in the news recently prior to the latest announcement. Springbig recently made news for its partnership with Green Bits in early November. Green Bits provides retail and automated compliance management platforms for legal cannabis businesses. Green Acre Capital was in the news in late September for announcing the final close of their Green Acre Capital Fund I. The fund raised upwards of $25 million, all to invest in legal cannabis startups. At the time of the announcement, media outlets were estimating that the number was actually much higher than $25 million. It seems some of that money went to springbig.
Now that the funding has been secured, using that money to expand springbig is the next step. A spokeswoman for springbig told media outlets that the company has plans to move teams to California, Washington State and Nevada, and start selling to retailers. Additionally, the startup will make improvements to the existing software, building it out and making it even more functional.
Exciting things are happening in the world of cannabis, and the world of technology. Everyone, in all industries, want their customers to stay loyal, and informed about their promotions. Startbig helps cannabis retailers do that, so it’s no wonder investors are excited about this software.