It only took less than a year for cannabis tech startup Dutchie to double its valuation to $3.75 billion after a recent raising of $350 million.
The Bend, Ore.-based creators of technology to help facilitate legal cannabis orders has raised $350 million in a Series D funding round, that was announced this week.
This money comes just seven months after the startup raised $200 million. Dutchie’s valuation has now doubled to nearly $4 billion.
“Cannabis presents opportunities for job creation, critical reforms, and opens up new revenues to support state and local economies and communities,” co-founder and CEO Ross Lipson said.
“By powering cannabis commerce and streamlining operations, we are accelerating the positive changes that cannabis is bringing to the world while normalizing the industry.”
Founded in 2017 by Lipson and his brother Zach, Dutchie has raised $603 million to date and more than doubled in size over the past six months. The company now has over 500 employees across 40 different U.S. states and Canada.
Dutchie’s technology includes e-commerce, point of sale and seamless payment solutions. It has generated annual sales of more than $14 billion at 5,000 cannabis dispensaries across North America.
Dutchie’s latest funding round was led by D1 Capital Partners, with participation from previous investors including Tiger Global, Dragoneer, DFJ Growth, Thrive Capital, Gron Ventures, and Casa Verde Capital, and new investors, including Willoughby Capital, Glynn Capital, and Park West Asset Management.