springbig, a Boca Raton, Fla.-based provider of cannabis CRM and loyalty marketing technology, completed an $11.5M Series B funding round.
The round was led by TVC Capital, with participation from Key Investment Partners and current investors Argonautic Ventures, Halley Venture Capital and Salex Capital.
The company intends to use the funds to accelerate the growth of its platform and expand throughout the U.S. and Canada. springbig is the leading provider in customer-loyalty and communications solutions for dispensaries and cannabis retailers.
Founded in 2017 by Jeffrey Harris, CEO, springbig offers CRM programs that capture key customer data and integrates with existing dispensary POS systems and provides a custom cannabis loyalty platform embedded with advanced marketing tools to retain customers and sends targeted and personalized SMS campaigns based on customer interest. It is currently used by more than 1,400 retailers across the U.S. and Canada.
Launched in June 2020, the company’s new marketing platform allows brands to directly reach cannabis consumers through targeted MMS and SMS messages while staying compliant with regulations. Twelve national and local brands including Pax Labs and Coda Signature have already signed up for the new service, and springbig expects to work with dozens more in the coming months.