Vangst, a recruitment firm focused on the cannabis industry, raised $19 million in a Series B financing round.
The funding, led by venture capital firm Level One Fund, “highlights the company’s growth over the last three years alongside the maturing cannabis industry,” Vangst said in a Thursday news release.
The Denver-based company said it will use the $19 million to expand into new markets “to support the influx of jobs” as “cannabis employment is expected to grow over 100% by 2025.”
The capital would also be used to launch new products, “including training and employee payment solutions,” according to the release.
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Vangst said it currently works with more than 1,200 cannabis businesses and its on-demand hiring “gig platform” has filled more than 150,000 part-time roles since launching in 2018.
The company announced a $10 million Series A financing round in 2019.