KEY Invests In Front Range Biosciences And Springbig

KEY Investment Partners LLC said Thursday it has secured financing for both Front Range Biosciences (FRB) and Springbig.

The Denver-based investment management firm said backing Front Range Biosciences represents a "continued confidence of the resilience" of the cannabis industry.

FRB is an agricultural company founded in 2015 and is involved in an ongoing $30 million Series B financing round.

The firm focuses on the production of new seed as well as plant varieties in hemp, coffee, and regulated cannabis.

KEY's founding partner Pete Karabas, who opted to join FRB's board as an observer, said that "the rapid growth of cannabis and hemp has created an unparalleled opportunity for agriculture innovation."

Nick Hofmeister, co-Founder, and CSO of FRB said that KEY's team "impressed" him, although he has raised over $300 million into startups during his career.

Key also invested in Springbig, a provider of CRM software for cannabis dispensaries and brands.

The Boca Raton, Florida-based company was launched in 2017.

Recently the company finalized its Series B funding round, that way securing $11.5 million in financing.

Meanwhile, in July, it partnered with GrowFlow to help cannabis businesses streamline operations and remain in accordance with industry laws and regulations.

Tiby Erdely, KEY's founding partner, said that their "dedication to the entrepreneurs we back and our commitment to thorough due diligence on behalf of our clients has propelled KEY to the forefront of cannabis investing."

In addition, Key tapped three new members to its advisory board, including John Martin, former CEO and Managing Partner of Antares Capital, Hoban Law Group's CEO Brent Johnson, and Mike Hartman, former head of Canopy Growth's CGC THC strategy group.