Treez, a leading enterprise cloud commerce platform for the cannabis sector, has completed a $51 million Series C funding round boosting its valuation to more than $260 million.
The announcement comes shortly after the company’s recent expansion into two new state-regulated markets. The platform, which powers retail and supply chain operations for the cannabis market, now supports retailers across eight states.
This latest funding round follows a successful 2021, in which it expanded its workforce by 40 percent across 19 states and three countries and increased its revenue growth by 82 percent. Treez’s impressive growth figures led to the platform being recognised as one of the fastest-growing companies by Inc. 5000 and Deloitte Technology’s Fast 500.
The round brings new investment from Long Ridge Equity Partners, a New York-based growth equity fund for software and fintech companies, Kayne Partners, a Los Angeles-based growth equity group, and Synchrony Financial (NYSE: SYF), a consumer financial services company. Existing investors also participated in the round.
“We look forward to working with a renowned group of investors and new board members with deep fintech expertise,” said John Yang, CEO of Treez. “They are very excited about this space, aligned and supportive of our vision to deliver the most innovative open cloud commerce platform that powers retailers’ growth as the industry moves forward.”
Treez said it will use the funding to fuel its aggressive sales growth, accelerate product innovation, enhance the functionality of its open cloud commerce platform for single-store and multi-store operators, and expand its geographic reach. The company is in the process of developing new payments and advanced analytics solutions which will be supported by the multi-million dollar injection.
Treez has unveiled new integrations that enhance online ordering and delivery options for retailers. Treez was also one of the few cannabis technology companies to achieve a successful Systems and Organization Controls 2 Type 1 audit earlier this year which validates the company’s cloud infrastructure as compliant and secure.
Treez said the successful audit demonstrated the company’s commitment to compliance and customer data security.
As part of the funding round, Treez named Angad Singh, partner at Long Ridge, and Gowri Narayanan, an experienced FinTech investor and global leader, to the Board of Directors. Nishita Cummings, managing partner and co-head of Kayne Partners, the growth private equity group of Kayne Anderson Capital Advisors, and Josh Aycock, principal at Synchrony, were named as observers on the Board of Directors.