Oregon-based cannabis technology company Dutchie has raised $350 million in a Series D funding round, doubling the firm’s valuation to $3.75 billion, GeekWire reports. The cash raise comes seven months after Dutchie successfully raised $200 million.
Founded in 2017 by brothers Ross and Zach Lipson, Dutchie has raised $603 million to date and more than doubled in size over the past six months to more than 500 employees throughout North America.
“Cannabis presents opportunities for job creation, critical reforms, and opens up new revenues to support state and local economies and communities. By powering cannabis commerce and streamlining operations, we are accelerating the positive changes that cannabis is bringing to the world while normalizing the industry.” — Ross Lipson via GeekWire
The company’s latest funding round was led by D1 Capital Partners, with participation from Tiger Global, Dragoneer, DFJ Growth, Thrive Capital, Gron Ventures, and Casa Verde Capital — all of which had previously invested in the firm. Willoughby Capital, Glynn Capital, and Park West Asset Management also joined the funding round as new investors for Dutchie.
The company’s technology includes e-commerce, point of sale, and seamless payment technology used to conduct annual sales of more than $14 billion at 5,000 cannabis dispensaries across the U.S. and Canada.
Dutchie said the funds will be used to add employees, expand into new markets, including outside of North America, and create new products.
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