COLORADO: Baker, a leading software platform for marijuana dispensaries and brands, announced that it has secured $8 million in Series A funding, bringing its total amount of capital raised to $11.75 million.
The round was led by Poseidon Asset Management, a VC firm that specializes in cannabis. The raise will fuel the company’s rapid growth. Baker recently acquired Seattle-based Grassworks, the industry’s second largest CRM platform, and is increasing its Washington presence with a new office. The company plans to open additional offices in Los Angeles in 2018 to support its expected growth in California.
“We’ve built the industry’s leading CRM product, and now we’re truly focused on providing a platform to allow Baker and our partners to offer best-of-breed solutions to our massive retail network. Our products help dispensaries make more money, which is why we’ve experienced such tremendous growth this year,” said Joel Milton, CEO of Baker. “This funding will allow us to continue to execute on our platform strategy, and help all of our clients grow their businesses — including those in California gearing up for adult use.”
The Denver-based software company has a data-driven approach designed so dispensaries can keep their customers happy and loyal, while increasring revenue. With its recent acquisition, Baker’s software is being used by more than 700 dispensaries in 16 states. This year alone, the company grew its staff from 18 to more than 50 full time employees, making Baker one of the largest tech companies in the industry.