Cannabis Retail Software Platform Treez Raises $51M, Here Is What For

Seed-to-sale and cannabis retail software platform Treez completed a $51 million Series C funding at a valuation in excess of $260 million.

The round brings new investment from Long Ridge Equity Partners, a New York-based growth equity fund focused on high growth software and fintech companies, Kayne Partners, a Los Angeles-based growth equity group, and Synchrony Financial SYF, a leading consumer (B2C) financial services company. Existing investors also participated in the round.

Treez will use the funding to fuel its aggressive sales growth, accelerate product innovation, including developing new payments and advanced analytics solutions, enhance the functionality of its open cloud commerce platform for single-store and multi-store operators, and expand its geographic reach. Already, Treez has unveiled new integrations that enhance online ordering and delivery options for retailers. Treez was also one of the few cannabis technology companies to achieve a successful SOC 2 Type 1 audit earlier this year, demonstrating the company's commitment to compliance and customer data security. The company has recently expanded into two state regulated markets, and now supports retailers in eight states.

Board Changes

As part of the funding round, Treez named Angad Singh, partner at Long Ridge, and Gowri Narayanan, an experienced FinTech investor and global leader, to the board of directors.

Nishita Cummings, managing partner and co-head of Kayne Partners, the growth private equity group of Kayne Anderson Capital Advisors, and Josh Aycock, principal at Synchrony, were named as observers on the board of directors.

"We look forward to working with a renowned group of investors and new board members with deep fintech expertise," said John Yang, CEO of Treez. "They are very excited about this space, aligned and supportive of our vision to deliver the most innovative open cloud commerce platform that powers retailers' growth as the industry moves forward."

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