Denver-based cannabis retail point-of-sale platform Flowhub has raised another $19 million in its latest round, bringing total capital to almost $50 million, according to a release. Financing was led by venture capital firms Headline and Poseidon, and rapper and entrepreneur Shawn “Jay-Z” Carter made a personal investment into the company.
“Headline is an incredible Silicon Valley-based venture capital firm, Poseidon is a pioneer investor in the cannabis industry and Jay-Z is a cultural and creative global force no matter the industry he is involved in,” said Kyle Sherman, Flowhub’s founder and CEO. “I couldn’t think of a better group to be working with as we take this company to the next stage.”
Sherman joined BofC Live at MJ Biz Con in 2019. Listen to the podcast:
From verifying customer ages to inventory, the Flowhub platform was designed to make compliant retail cannabis sales easier. It currently used by more than 1,000 dispensaries and processes $3 billion in sales each year.
The company recently announced former Uber executive Leandre Johns would be appointed Chief Operating Officer in its next phase of development. They also recently integrated its software with e-commerce portal Weedmaps to streamline online sales through retailers using the platform.
Part of the funding will be invested in expanding into emerging markets and grow the features of the platform.
Flowhub also plans to expand its new social equity program, which launched this past June. Business owners who meet social equity critiera will receive a discount on the point-of-sale software for just $4.20 for up to three years.
“To date, Flowhub has awarded over $1 million worth of software products to eligible cannabis entrepreneurs via this program,” reads the release.