Cannabis retail tech startup Dutchie valued at $1.7B after raising $200M – GeekWire
Dutchie, the Bend, Ore.-based creators of an e-commerce platform that helps cannabis dispensaries facilitate online orders, has raised $200 million in new funding at a $1.7 billion valuation.
The fresh cash comes on the heels of a $35 million round raised in July, when the company was valued at $205 million, according to PitchBook.
Dutchie is seeing big growth, riding tailwinds from a cannabis industry that has surged amid the pandemic. The startup is also benefiting from an increasing number of U.S. states legalizing marijuana.
The company on Tuesday announced the acquisition of cannabis-related software providers Greenbits and Leaflogix, and appointed former Toast CFO Tim Barash as executive chairman. Total funding to date is $253 million.
“Dutchie is powering a new generation of entrepreneurs driving one of the most disruptive consumer trends of the last century,” Barash said in a statement.
Dutchie is led by brothers and co-founders Ross Lipson and Zach Lipson. Ross started one of the first online food ordering operations in Canada in 2008, called GrubCanada.com, which was acquired by Just Eat in 2012. After moving to Oregon, TechCrunch notes he came up with the idea for Dutchie while standing in line at a weed dispensary. He started the company with Zach, who serves as chief product officer.
Tiger Global led the Series C round, which included participation from Dragoneer, DFJ Growth, Snoop Dogg’s Casa Verde Capital, Thrive Capital, Gron Ventures, and former Starbucks chairman Howard Schultz.