MassRoots, Inc. (OTCQB:MSRT), a Denver, Co.-based technology platform for the cannabis industry, closed on $3.2m in equity financing under its Registered Offering.
On Friday, October 7, 2016, the company received $1.1 million in proceeds, mostly from new investors, as well as commitments for additional funds under the terms of the offering.
MassRoots’ founder and largest shareholder, Isaac Dietrich, led the round with participation from former MyPoints.com CEO, Steve Markowitz, and several family offices.
The company will use the funds to scale commercialization efforts introducing new monetization channels within its mobile applications while exploring strategic partnerships to expand its platform’s capabilities.
MassRoots is one of the largest and most active technology platforms for cannabis consumers, businesses and activists with over 900,000 registered users.