Flowhub, a cannabis software technology platform, said it closed a $19 million strategic raise to help the Denver company expand into emerging markets and grow a social equity program.
The funding round was led by venture firms Headline, based in Silicon Valley, and San Francisco-headquartered Poseidon Asset Management as well as a personal investment from rapper and entertainment mogul Shawn “Jay-Z” Carter.
The $19 million increases Flowhub’s total capital raised to $50 million, according to a news release.
Subscribe to the MJBiz Factbook
Exclusive industry data and analysis to help you make informed business decisions and avoid costly missteps. All the facts, none of the hype.
What you will get:
- Monthly and quarterly updates, with new data & insights
- Financial forecasts + capital investment trends
- State-by-state guide to regulations, taxes & market opportunities
- Annual survey of cannabis businesses
- Consumer insights
- And more!
Under the company’s new program, social equity business owners will receive Flowhub’s point-of-sale software for $4.20 for up to three years as well as additional products and services.
In 2019, Flowhub raised $23 million in a Series A funding backed by numerous investors, including existing stakeholders Phyto Partners, based in Boca Raton, Florida, and Poseidon.