Apex Trading Raises $1.67M Led By 7thirty Capital, Welcan Capital

Cannabis-focused tech startup Apex Trading announced Thursday it has closed Series Seed raise of $1.67 million.

7thirty Capital and Welcan Capital led the round, which also counted former investors such as Panther Opportunity Fund and SilverLeaf Venture Partners.

The company had its first round in 2018, and has since has managed to form a scalable model providing its services to more than 1,000 companies, currently being on the road to achieving higher than $100 million in transactions this year.

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Apex plans to utilize the money from the funding to boost their progress in cannabis, to transform the company into a national operator, and to launch Bushel44, a platform for hemp businesses.

"As the markets mature, companies are eager for traditional business management software solutions. Our platform not only delivers on those needs, but leans on our 30 years of combined industry experience to solve the nuances and pain-points of wholesale cannabis supply chain," Apex Trading CEO and founder John Manlove, said in a statement. "With hemp in its infancy, we're excited to leverage that technology to help this new industry, though on a much larger scale."

Vikas Desaim of New York-based Welcan Capital commented, "Apex Trading checks off all the boxes with a platform that drives efficiency for customers, years of experience in multiple markets, a track record of success, and leaders that constantly drive for innovation to stay one step ahead of the competition."