Flowhub, the retail point-of-sale platform for cannabis dispensaries announced on Tuesday the closing of $19 million in strategic funding, bringing the total amount of capital raised to nearly $50 million with a valuation of over $200 million.
The financing, led by venture firms Headline and Poseidon, included a personal investment from rapper and entrepreneur Shawn "Jay-Z" Carter.
"We are thrilled to announce this capital raise. Headline is an incredible Silicon Valley-based venture capital firm, Poseidon is a pioneer investor in the cannabis industry and Jay-Z is a cultural and creative global force no matter the industry he is involved in," said Kyle Sherman, founder and CEO of Flowhub. "I couldn't think of a better group to be working with as we take this company to the next stage. This funding not only underscores the significant value that Flowhub provides to our customers, but also the maturation of the cannabis industry at large. We remain committed to developing innovative products that help our retail customers run better businesses."
New Funds To Support Social Equity Program Among Other Projects
With the additional funding, Flowhub plans to speed up its expansion into emerging markets, further develop its dynamic product line and grow its social equity program.
Flowhub's social equity program invests in those who have been adversely impacted by the War on Drugs by providing eligible social equity business partners with Flowhub's POS software,
including various apps, at a discounted price of $4.20 for up to three years. To date, Flowhub has awarded over $1 million worth of software products to eligible cannabis entrepreneurs via this program.
Recently, Flowhub appointed Leandre Johns as Chief Operating Officer. The former Uber UBER executive was brought in to help shape the business for the next stage of growth. The company also announced the recent integration by Weedmaps MAPS to streamline online ordering for consumers and Flowhub-powered cannabis retailers.
Photo: Courtesy of Wikimedia Commons, Author Joella Marano
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