Flowhub, a Denver, CO-based cannabis retail point-of-sale platform for dispensaries, closed a $19m funding round.
The round, which brought the total amount of capital raised to nearly $50m with a valuation of over $200m, was led by venture firms Headline and Poseidon, and included a personal investment from Shawn “Jay-Z” Carter.
The company intends to use the funds to accelerate expansion into emerging markets, further develop its dynamic product line and grow its social equity program.
Led by Kyle Sherman, founder and CEO, Flowhub is a cannabis retail software company that helps dispensaries by providing compliance, point of sale, inventory tracking and business intelligence solutions. The company processes over $3 billion in cannabis sales annually and empowers more than 1,000 cannabis retailers to simplify their daily dispensary workflows.
Launched in June 2021, Flowhub’s social equity program invests in those who have been adversely impacted by the War on Drugs. Per the program, eligible social equity business owners receive Flowhub’s POS software discounted at $4.20 for up to three years, the mobile Stash® and Greet® apps, the View™ app and free implementation. To date, the company has awarded over $1 million worth of software products to eligible cannabis entrepreneurs via this program.