Springbig Closes $11.5M Series B Funding Round

Springbig confirmed Tuesday it has secured $11.5 million in financing.

The Boca Raton, Florida-based provider of cannabis marketing technology closed a series B funding round aimed toward stepping up the development of a new "Brands Platform" launched in June.

Springbig also noted it would utilize proceeds to further increase its footprint within the U.S. and Canada.

In addition, a software-focused growth equity fund — TVC Capital — led the latest funding round.

The Brands Platform gives brands direct access to cannabis consumers via targeted MMS and SMS messages.

Several national and local brands already opted to use the new service, including Pax Labs and Coda Signature.

“This investment speaks to springbig’s software innovation and success in bringing both U.S. and Canadian cannabis companies valuable marketing software for increased customer retention and ROI,” Jeffrey Harris, the company’s CEO and founder said in a statement.

He explained that Springbig’s team is “working diligently to provide state-of-the-art, compliant marketing technology to an industry riddled with stringent regulations.”

TVC Capital co-founder and managing partner Jeb Spencer said the firm is aiming to “help drive the expansion" of Springbig's "unique and highly differentiated products that have, unarguably, taken the industry by storm.”

Meanwhile, Springbig has been teaming up with several cannabis companies lately.

June saw Springbig forming a technology partnership with Dutchie, allowing for dispensaries to provide its customers with an online customer loyalty experience.

Last month, Springbig agreed to collaborate with GrowFlow on helping cannabis businesses streamline operations while remaining compliant with the laws and regulations within the industry.

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