B2B Cannabis
E-Commerce Platform LeafLink Raises $3 Million Seed Round Led by Lerer Hippeau
Other Strategic Investors Including
Casa Verde Capital Participate to Advance the "Amazon" for
Dispensaries
NEW YORK - April 3, 2017
(Investorideas.com Newswire) The B2B cannabis e-commerce platform LeafLink
today announces it has closed a $3 Million seed round led by New York's Lerer
Hippeau Ventures, a tech-focused venture fund with early investments in companies
such as Oscar Health, Casper, Warby Parker, Venmo, and Buzzfeed. Additional
participants include strategic investors from both inside and outside the
cannabis space, including Casa Verde Capital, Phyto Partners, Wisdom VC, and
Wan Li Zhu and Paul Ciriello of Fairhaven Capital. LeafLink, which is currently
live in Colorado and Washington, will use the funds to expand its marketplace
for cannabis brands and dispensaries into newly legal markets.
Cannabis retailers previously managed
their ordering process through emails, texts, and phone calls with a
decentralized web of cannabis flower, edible, concentrate, and topical vendors.
With LeafLink, they can place all of their orders in one legally compliant
shopping experience. The vendors then manage their incoming orders using the
platform's suite of business tools, including a CRM, data reporting, order
status tracking, and fulfillment queue.
"As the legal cannabis space is
new and growing rapidly, we are not disrupting an industry, but defining
it," Ryan G. Smith, co-founder and CEO of LeafLink, said. "At
LeafLink, our goal is to empower cannabis business owners with a B2B
marketplace and supporting tools that will give them the efficiency they need
to grow."
Since launching in Colorado in March
and in Washington in October, 800 dispensaries have joined LeafLink and placed
orders for over 100 cannabis product brands, including Incredibles, CannaPunch,
Dixie Elixirs, Wana Brands, ZOOTS, Apothecanna, and Keef Cola. At present, the
company is doing $65 Million in orders through the platform on an annual basis.
With the seed funding, the company
plans to launch in additional states with legal recreational and medical
cannabis programs, including California, Nevada, and Oregon, beginning this
spring. Smith said, "LeafLink's entry into these markets is an enormous
opportunity to build a tech-first industry that will serve as a model for other
states, and for other industries outside cannabis."
LeafLink's seed round marks the first
investment in the cannabis space for Lerer Hippeau. "Legal cannabis is
creating a massive new market from scratch," Eric Hippeau, Managing
Partner of Lerer Hippeau Ventures, said. "LeafLink's platform links brands
and retailers in a seamless marketplace that is vital to the growth of the industry's
try. We are impressed by the vision of LeafLink's founders and look forward to
supporting their growth."
Karan Wadhera of Casa Verde Capital
said, "the cannabis industry is in its infancy and our mission is to
support those businesses that will set the standard for how the community
operates. We believe LeafLink is doing just that in establishing itself as a
critical component for brands and retailers across the country."
About LeafLink:
LeafLink is the leading B2B platform
for orders, sales and relationship management for cannabis product brands and
retailers. It is an ancillary technology business that does not touch, buy or
sell cannabis. With offices in New York, Denver and Seattle, the company
launched in March 2016 and is currently live in Colorado and Washington. To
date, the company has raised over $4M in capital, including a previous angel
round of $1M closed in December 2015.
Media Contact:
Claire Moloney
153178@email4pr.com
5162368382
153178@email4pr.com
5162368382
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