Greenbits, a San Jose, CA-based cannabis retail platform provider, raised $23m in Series B financing.
The round was co-led by Tiger Global Management and Casa Verde with participation from DNS Capital and several prominent industry executives.
The company intends to use the funds to accelerate sales, marketing, and product development while expanding product and service offerings to new geographic markets.
Led by CEO Barry Saik, who joined the company in late 2019 after a long run at Intuit and then at GoDaddy, and Sarvesh Mathur, new Chief Technology Officer, who served as CTO at Scout RFP (acquired by Workday), the procurement and sourcing software solution for businesses, Greenbits is a cannabis retail platform which today serves more than 1,200 retail locations, including medical dispensaries and adult-use retailers, across 13 states. In February, the company began operating in the state of Illinois, which opened its adult-use market in January.