Fyllo, a cannabis marketing and compliance software company, raised another $40 million in capital to fund growth, mergers and acquisitions as well as attract executive talent.
The deal comes only seven months after the Chicago-based company raised $30 million.
Fyllo now has netted nearly $100 million in capital since August 2020.
Eminence Capital led the $40 million round, according to a news release announcing the deal.
Other venture capital firms that participated include Longview Capital Advisors and ArrowMark Partners.
Details of Fyllo’s valuation or investor equity stakes weren’t disclosed.
Fyllo provides compliance, data and marketing solutions to enable cannabis companies to scale effectively.
Get the MJBizDaily Extraction Buyers Guide, now available.
This free resource offers practical business tips and valuable insights from cannabis extraction professionals to help plan or scale your extraction or processing operation with confidence.
Inside the MJBizDaily Extraction Buyers Guide:
- In-depth guidance for planning a CBD extraction business
- Best practices in sourcing solvents + solventless materials
- Lessons in shopping for extraction/processing equipment
- Tips for outfitting a facility for psilocybin mushroom extraction
- And more!
The company, which bought retail and marketing platform DataOwl in February, said its business has more than doubled this year.
To support the growth, Fyllo has added executives from Twitter, Salesforce and major cannabis brands, the release noted.