Seattle startup Leafly has raised $23M in its latest round of funding, which helps further their mission of being the “go-to source” for cannabis-related knowledge and experiences. This investment will enable Leafly to strengthen its existing services and develop new ones to meet the industry’s changing needs. The round was led by Grupo Flor, with additional participation from Banco Santander and some strategic angel investors.
Let’s look deeper at Leafly’s plans and what this funding means for the cannabis industry.
Seattle Startup Leafly Raises $23M
Leafly Holdings, Inc. is an online resource for marijuana consumers that provides users with content related to cannabis products, information about local dispensaries and industry insights. Founded in 2010, the company has quickly become one of the most reputable and reliable sources of information regarding cannabis in North America. Headquartered in Seattle, Washington, Leafly has various resources designed to give consumers access to accurate and helpful information when searching for medical or recreational marijuana products. For example, it allows patients to access strain reviews from fellow users with similar medical situations and provides reviews from experts and cannabis industry professionals. Additionally, it allows users to develop an understanding of the various effects produced by different strains of cannabis in order to assist them in making informed decisions when purchasing their products.
Leafly currently operates in Canada and 28 U.S States where either recreational or medicinal marijuana is legal. It has also expanded into Europe with its newly formed United Kingdom office outside London. The team currently consists of more than 200 people around the world including 35 developers, 25 product managers, 10 data scientists and 2 AI specialists among several other disciplines from marketing & design to legal & finance departments.
Leafly’s expansion over its 10 year lifespan can be attributed largely to its success at acquiring funding which began with a series A round investment worth $7million back in 2015 followed by 3 other rounds totalling up $23 million raised during 2017-2018 period from big investors such as Poseidon Asset Management and Founders Fund amongst several others creating a network of power within the cannabis sector that Leafy hopes to use as leverage during these tumultuous times as well as grow exponentially within the coming years positioning itself close behind its biggest rival Weedmaps who themselves have raised over $90 million so far and still counting…
Details of the Funding
Seattle startup Leafly has recently announced that they have raised $23M in funding. This brings Leafly’s total funding to $39.5M and marks the company’s fourth round of venture funding. The funding was led by Privateer Holdings, with additional investments from Freelands Ventures, Poseidon Asset Management, and other notable venture capitalists.
This investment will enable Leafly to expand its range of cannabis products and services.
Amount of the funding
Leafly, the online cannabis directory and resource hub, has raised $23 million in funding across four rounds. The most recent round of funding was closed in Oct. 2015, when they announced a Series C round of $15 million led by DCM Ventures.
The company’s first round, Series A, was closed in Jan. 2013 for an undisclosed amount and led by Privateer Holdings. Privateer also took part in Series B (Feb. 2014) for $9 million and Series C ($15 million). Other participants include Founders Fund’s FF Angel LLC; Yamaha Motor Corporation-affiliated YC VC Investment LP; Salveo Capital; and Hawthorne Capital.
The company currently operates out of offices located in Seattle and Toronto and specialises in content related to marijuana stress education for adult consumers as well as information about strains’ effects on different types of ailments.
They are focused on building “the world’s largest online source of cannabis information” including up to date news, guides on legalisation efforts, product reviews and insights into various strains around the U.S., Canada and Europe.
Leafly has so far raised $23M, in three separate rounds. The investors involved are Privateer Holdings, Founders Fund, and DCM Ventures.
Privateer Holdings is a private equity firm that invests exclusively in marijuana-related businesses. Their investments include:
- Marley Natural (Bob Marley’s cannabis brand).
- Tilray (a Canadian medical marijuana cultivator).
Founders Fund is a venture capital firm founded by former PayPal CEO Peter Thiel. They focus on technology-oriented companies and have invested in SpaceX, Airbnb, Lyft and many others.
DCM Ventures is a venture capital firm with offices in the U.S., China and Japan. Their portfolio has companies such as Brightcove, Lytro Digital Camera Inc., Revolution Foods and many more.
Impact of the Funding
Seattle startup Leafly has recently raised $23M in funding. This news has had a significant impact on the company, as well as the tech industry in general. The investment will help Leafly to expand its operations and launch new products and services.
With this influx of capital, the startup can expand its market reach and hire new talent. It is important to look at the implications of this funding and how it will help Leafly to reach its goals:
- Expand operations
- Launch new products and services
- Expand market reach
- Hire new talent
Expansion of Leafly’s team and services
The $23 million in funding has enabled Leafly to expand its team and services with additional investment for research and development, product innovation, and international expansion. As a result, Leafly is now one of the most trusted cannabis consumer resources in the world, with more than 20 million visitors using their platform each month.
Since the funding was announced, Leafly has launched several products and services that have enhanced consumer knowledge and convenience. This includes access to comprehensive strain databases, product ratings and reviews, find-a-dispensary functions in multiple countries/states, customizable strain pairing technology (Leafly Tune), ordering before visiting a dispensary (Leafly Pickup), and advanced job search capabilities (Leafly Jobs).
Furthermore, there have also been improvements made to the website concerning user experience – such as refining navigation to help consumers easily find exactly what they are looking for, faster loading times for pages so customers don’t need to wait long for searches results, updated visuals highlighting important sections more prominently – all these design changes help give an improved customer experience overall.
In addition to the products and services already available on Leafly’s platform; with this additional funding comes further opportunity for internal expansion involving updating its HR recruiting system to meet new challenges posed by remote hiring processes due to covid-19 and involvement from accounting & finance departments.
This would allow them to handle larger deals seamlessly and continue its focus on developing intuitive customer-centric solutions.
Increased visibility for Leafly
Leafly has raised a total of $23 million in funding, and the support of venture capital firms and investors has enabled Leafly to become a highly visible player in the medical cannabis industry. With its comprehensive strain library, detailed dispensary reviews, and top-tier mobile app, Leafly is positioned as an authority among marijuana consumers.
Since raising its first funding round in 2009, Leafly has worked to expand its offerings from a resource for cannabis enthusiasts to a comprehensive media platform. Today, it offers news and feature stories about politics, business trends, science advances, and more. It also works to educate consumers about the various facets of marijuana including strains, effects, health benefits, growing advice and retail policies. With its ever-growing library of strains and products available at dispensaries around the country – now including Canada – Leafly has continued to evolve while remaining focused on providing an authoritative source of information for cannabis users worldwide.
In addition to expanding its content offerings and resources for medical marijuana patients, Leafly’s $23 million in funding allows it to better serve recreational users who wish to access safer legal sources for cannabis products. By offering up-to-date information on dispensary menus nationwide along with details on location restrictions or access points across different US states, adults over 21 can take steps towards a better understanding of their local laws regarding cannabis responsibly.
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