Apex Trading, a Portland, Ore.-based wholesale cannabis software startup, secured $1.67m in funding.
The round was led by 7thirty Capital and Welcan Capital with participation from previous investors SilverLeaf Venture Partners and Panther Opportunity Fund.
The company will use the funds to accelerate their current traction in cannabis and establish itself as a predominant national player beyond current operations in five states.
Led by CEO and founder John Manlove, Apex Trading is an online wholesale platform featuring order, inventory and client management tools, custom storefronts and data-rich dashboards to allow buyers and sellers to operate more efficiently. The platform provides state-licensed cannabis cultivators, product manufacturers, distributors and retailers with tools and services.
The company will also be launching Bushel44, a hemp-centric platform that will allow hemp businesses to streamline and standardize their workflows, flatten the supply chain, while delivering actionable data for making intelligent business decisions.
Since raising its first round in 2018, Apex Trading has established product-market fit, creating a scalable model serving 1,000+ companies, and is on track to facilitate more than $100,000,000 in transactions in 2020.