Cannabis digital infrastructure startup Jane Technologies raised $100 million in a Series C funding round led by Honor Ventures, bringing its total funding to about $130 million.
Additional participants in the fundraise included Third Point Ventures, Gotham Green Partners, L2 Ventures, Delta Emerald Ventures and Artemis Growth Partners.
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Headquartered in Santa Cruz, California, and launched in 2017 by Socrates Rosenfeld, who serves as the startup’s CEO, Jane developed the first eCommerce marketplace for the cannabis industry. The startup powers about 20 percent of all legal marijuana transactions in the U.S. and over 700,000 stock-keeping units (SKUs) in the sector, according to a press release on Wednesday (Aug. 25).
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The company said it plans to use the fresh infusion of capital to grow its footprint in the space, create more products and further develop the digital framework for the marijuana sector worldwide. Jane also plans to expand its operations, tap new talent in multiple areas and develop new technology to connect cannabis companies of all sizes to eCommerce.
Rosenfeld said his crew was working hard to develop “the right foundation” to launch a digital infrastructure for the cannabis space that would work on a “global scale.”
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“We don’t define success by the amount of capital we’ve raised or the size of our team, but by the value we create for our dispensary partners, brand partners and consumers,” he said, adding that the new capital marks the beginning of the company’s “next chapter” as it holds to its “mission of empowering local businesses while providing safe access to a plant that helps so many people around the world.”
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Jane offers a full menu of tools aimed at empowering cannabis merchants and brands while also making it easier for consumers to shop and purchase products, per the release.
The pandemic fueled rapid growth in eCommerce sales in every sector, causing a 32 percent increase in the U.S. in 2020. In the first quarter of this year, eCommerce drove 47.1 percent of all retail growth. So far in 2021, online shopping comprises 20 percent of all retail orders, according to the press release.