Ganjapreneur.com

Buffett-Linked Venture Capital Fund Invests in Flowhub

cannabis tech

Tech firm Flowhub has landed $23 million as part of its Series A funding round. The round was led by Evolv Ventures, a venture fund backed by Kraft Heinz, which is partly owned by Warren Buffett’s Berkshire Hathaway.

Full story continued below.

Advertisement

Advertise Here

Cannabis tech company Flowhub has landed a $23 million investment in a Series A funding round led by Evolv Ventures – a venture fund backed by Kraft Heinz – and e.ventures. Kraft Heinz is partly owned by Warren Buffett’s Berkshire Hathaway and the investment marks the first time a Buffett-linked firm has invested in the cannabis space.

The funding round includes additional financing by Poseidon, 9Yards Capital, former National Basketball Association Commissioner David Stern and Iqram Magdon-Ismail, the co-founder and former CEO of Venmo.

Emily Paxhia, managing director for Poseidon, said that the cannabis industry was not one “that you just jump right into,” noting in a press release that the “compliance and regulation aspects” make the industry “unique.”

“With this investment, we will continue to automate the cannabis supply chain, retail and reporting processes and bring to market technology solutions that are not only shaping the cannabis retail business, but also driving forward the future of legalization and de-stigmatization.” – Kyle Sherman, Flowhub founder and CEO, in a statement

Last year, Coca-Cola – of which Berkshire Hathaway owns a 10 percent stake – was reportedly in talks to partner with Canadian cannabis company Aurora on a CBD-infused product line. In May, Buffett and his business partner Munger told Fox Business it would be “a mistake” for the company to get into the cannabis business, adding that it “would be detrimental” for Coke’s “wholesome image.”

The Series A funding round by Flowhub brings the cannabis tech company’s total to $27 million.

[mashshare]

Get daily news insights in your inbox. Subscribe

End


Exit mobile version