Cannabis Technology ERP Company, Alleaves' Series A $40M Funding Round Led By The Eleven Fund

Alleaves is finalizing its $40 million series A funding round led by The Eleven Fund at a valuation of $240 million.

Alleaves was launched in 2018 by ERP software veterans Mike Beedles and Ken Condren. With extensive Fortune 500 enterprise software experience, their vision is to transform the cannabis software industry into the realm of today's modern leading edge enterprise technology, enabling cannabis businesses to operate more efficiently, compliantly, profitably, and with the ability to make real-time data decisions.

With the completion of this strategic funding, Alleaves will embark on an accelerated multi-state commercial roll out with many of the industry's leading MSOs. In addition, Alleaves will seek to acquire and roll up other complementary cannabis technology platforms to both expand its customer base and to create the industry's most comprehensive and seamless real-time seed-to-sale software, transaction, and compliance platform.

Beedles, CEO Alleaves stated: "We are thrilled to secure this strategic capital financing to accelerate our best-in-class seed-to-sale platform. Although we have been profitable since inception, this injection of capital from The Eleven Fund will accelerate our bold growth plans and expand our technology platform and commercial deployment.”

“After more than 25 years in the software development vertical, spanning the launch, build, scale, and successful exit of several companies, I believe Alleaves is positioned to be the most successful company I have ever been involved with,” continued Beedles.

Hartley Wasko, CEO of The Eleven Fund stated: "I have watched the cannabis industry evolve from the back woods of society to a major US industry, yet the industry remains handicapped by a number of structural and regulatory factors, in addition to the challenges of what has largely been home brewed cottage industry technology. As a technology investor, I have been waiting for a true enterprise class technology company to come along and usher the cannabis industry into the realm of the modern technology era. I believe that company (Alleaves) has finally arrived and is on the cusp of a major transformative growth opportunity."

Photo by Mackenzie Marco on Unsplash