Cannabis technology company Dutchie has had its largest funding to date, raising $200 million in a Series C.
The latest funding brings the Oregon-based company’s valuation to $1.7 billion.
Tiger Global led the latest round and was joined by new investors Dragoneer and DFJ Growth and previous investors Casa Verde Capital, Thrive Capital, Gron Ventures and Howard Schultz. Casa Verde Capital was co-founded by rapper Snoop Dogg.
“We work with companies that have the potential to reshape major parts of the global economy,” said John Curtius, partner at Tiger Global, in a written statement.
“Our investment will help Dutchie extend its platform and deepen relationships with merchants, consumers, and brands to drive better outcomes for all in this ecosystem. We look forward to supporting this world-class team as they hit a new phase of growth.”
The new funding gives Dutchie $253 million in total funding since being founded in 2017, according to Crunchbase data. The company had also raised $35 million in a Series B round last August.
“This round is one of the largest in cannabis and a landmark round that brings top-tier people to the space,” Ross Lipson, Dutchie co-founder and CEO, said to Crunchbase News. “The industry is bringing change, and it’s a beautiful opportunity to be a part of it.”
Dutchie connects consumers to local cannabis retailers and focuses on being an education and discovery tool so cannabis buyers can learn about the plant.
“We raised our Series B during the pandemic and saw accelerated growth, driven by the industry, as a whole, being deemed an essential business during that time and by consumers adopting the product,” Lipson added.
The new capital will be deployed in new hires, expanding into new markets and product development.
Dutchie recently brought in Tim Barash, former CFO and chief business officer at Toast. Barash will serve as the company’s new executive chairman.
“I’ve admired Toast and am excited to welcome him as a partner,” Lipson said. “He is bringing his expertise and will move the industry forward.”