Wurk, a human capital management company for the cannabis industry, announced this week the closing of an oversubscribed $3.5 million Series AA round of financing, completed entirely by existing investors.
The round was led by Wurk Investment Partnership, with participation from Poseidon Asset Management, Salveo Capital and The Arcview Group, among others.
Wurk currently works with 80% of the top MSOs in the nation and holds more than 70% market share in the combined medium and enterprise cannabis HRIS technology market. With the additional capital, Wurk will expand product integration capabilities and improve customer support across all touchpoints to enhance its value offering for customers. In addition, Wurk will invest in employee training programs to accelerate product knowledge and expertise.
Amid industry hiring boom, Denver cannabis tech startup Wurk brings on capital bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
it has
raised $30 million via an oversubscribed Series B round co-led by JW Asset Management and Sol Global.
Other participants in the funding round include Entourage Effect Capital, Arcadian Capital Management, K2, Salveo Capital, George Steinbrenner IV and 2 NRP Managers, LLC, an investment group led by Ben Lurie.
Fyllo s $30M Series B: Around 60% of the capital came from outside of the cannabis space, according to Fyllo, revealing the company’s potential to reach other highly regulated industries with its services.
The cannabis tech company plans to use the collected money to double its engineering team, advance activities and sales and speed up the delivery of compliance automation solutions.
In 2019, Coda announced a $24.4 million round of Series A funding and launched operations in California several months later, opening a 20,000-square-foot facility in Oakland. The company hasn t announced another funding round since, but three of its four early investors Granite Hall Partners, Gotham Green Partners and Salveo Capital were reportedly responsible for Coda s latest cash infusion.
The announcement quotes Lisa McClung, who replaced co-founder Mark Grindeland as Coda CEO and president last fall: “This is a very exciting time to be part of the cannabis industry, and I believe Coda is well-positioned to play an important role in introducing new consumers to cannabis by making it accessible and helping them discover the unlimited potential of the plant’s benefits to improve their lives.