Dutchie is rolling in the green.
The Bend, Ore.-based creators of technology to help facilitate legal cannabis orders has raised $350 million in a Series D funding round, announced Thursday. The influx of new cash comes just seven months after the startup raised $200 million. Dutchie’s valuation has doubled to $3.75 billion.
“Cannabis presents opportunities for job creation, critical reforms, and opens up new revenues to support state and local economies and communities,” co-founder and CEO Ross Lipson said. “By powering cannabis commerce and streamlining operations, we are accelerating the positive changes that cannabis is bringing to the world while normalizing the industry.”
Founded in 2017 by Lipson and his brother Zach, Dutchie has raised $603 million to date and more than doubled in size over the past six months to over 500 employees across 40 different U.S. states and Canada.
The company’s technology includes e-commerce, point of sale and seamless payment solutions and is used to power annual sales of more than $14 billion at 5,000 cannabis dispensaries across North America. Shoppers can search online for a nearby dispensary, browse products, place an order and arrange to pick it up or have it delivered.
Dutchie is riding the wave of support for marijuana legalization in the U.S., including the passage of legislation across multiple states. Legal cannabis sales are expected to hit $24 billion in 2021.
Other companies are also cashing in. Weedmaps went public and officially began trading earlier this year. And Leafly announced plans in August to go public via a special purchase acquisition company (SPAC) deal that values that cannabis marketplace at $385 million.
Dutchie’s latest funding round was led by D1 Capital Partners, with participation from previous investors including Tiger Global, Dragoneer, DFJ Growth, Thrive Capital, Gron Ventures, and Casa Verde Capital, and new investors, including Willoughby Capital, Glynn Capital, and Park West Asset Management.
The new money will be used to add employees, expand into new markets, including outside of North America, and to create new products.
More startup funding news: