Bend, Oregon-based software company Dutchie has secured $35 million in Series B funding, bringing the total amount of capital raised by the company to a significant figure. This development is noteworthy as it underscores the growth and resilience of the cannabis industry, despite the challenges posed by the COVID-19 pandemic.
Background
Dutchie is a nearly three-year-old software company that specializes in connecting consumers with cannabis dispensaries. These businesses pay a monthly subscription fee to Dutchie for creating and maintaining their websites, processing orders, and tracking inventory levels. The company’s innovative approach has enabled it to establish partnerships with over 1,300 dispensaries across 32 markets.
Series B Funding
The latest funding round was led by new investors Thrive Capital and Starbucks founder Howard Schultz. Existing backers, including Kevin Durant’s Thirty Five Ventures and the cannabis-focused fund Casa Verde Capital, also participated in the round. This significant influx of capital brings Dutchie’s total funding to a substantial amount.
Impact of COVID-19 Pandemic
The pandemic has had a profound impact on the cannabis industry, with many dispensaries forced to adapt to new sales models. Dutchie’s innovative solutions have enabled these businesses to thrive in this environment. The company’s contactless payment system, introduced during the pandemic, has been particularly successful.
Conversation with Ross Lipson
We had an opportunity to speak with Ross Lipson, co-founder and CEO of Dutchie, about the company’s rapid growth and its response to the pandemic.
Ross Lipson:
- "When the pandemic hit, we saw a significant shift in consumer behavior. Dispensaries had to adapt quickly to new sales models, and our technology was instrumental in facilitating this transition."
- "Our contactless payment system has been particularly successful, enabling customers to select curbside pickup at checkout and receive real-time updates on their order status."
Key Statistics
- Dutchie now works with over 1,300 dispensaries across 32 markets.
- The company processes 10% of all legal cannabis sales worldwide and powers over 25% of dispensaries.
- Dutchie has seen a 700% surge in sales volume during the pandemic.
Future Plans
Dutchie is poised to continue its growth trajectory, with plans to double its team by the end of 2021. The company’s innovative solutions will remain at the forefront of the cannabis industry, enabling dispensaries to thrive in an increasingly competitive market.
Conclusion
Dutchie’s latest funding round is a testament to the resilience and adaptability of the cannabis industry. As the pandemic continues to shape consumer behavior, Dutchie’s innovative solutions will remain essential for dispensaries seeking to stay ahead of the competition. With its strong growth trajectory and significant capital backing, Dutchie is well-positioned for continued success in the years to come.
Cannabis Industry Trends
- The cannabis industry has seen significant growth in recent years, with many states legalizing recreational use or medical marijuana.
- Dispensaries are increasingly adopting online ordering and e-commerce solutions to stay competitive.
- Dutchie’s innovative technology is at the forefront of this trend, enabling dispensaries to thrive in an increasingly digital market.
Investors
- Thrive Capital and Howard Schultz joined existing backers Kevin Durant’s Thirty Five Ventures and Casa Verde Capital in the Series B funding round.
- This significant influx of capital underscores the growth potential of Dutchie and its role in shaping the cannabis industry.
Company Performance
- Dutchie has seen a 700% surge in sales volume during the pandemic, demonstrating its adaptability and resilience.
- The company’s innovative solutions have enabled dispensaries to thrive in an increasingly competitive market.
Additional Resources
- For more information on Dutchie and its innovative solutions, please visit their website at www.dutchie.com.
- To stay up-to-date on the latest cannabis industry trends and news, follow us on social media or subscribe to our newsletter.
