Cannabis software firm Fyllo nets $40M in capital

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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.

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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.