Leading Customer Loyalty Platform for Cannabis Industry Raises $3.2M in New Funding
December 18, 2017 (Boca Raton ) – springbig, an innovator in loyalty marketing technology for the cannabis industry, announced today that is has closed a fresh round of funding, with an infusion of $3.2M in capital. This round, led by Green Acre Capital and HALLEY Venture Partners, with participation from members of The Arcview Group, and other strategic investors, brings the startup’s total amount raised to $6.3M.
This new capital will double springbig’s size with the addition of new hires in the areas of technology development, product management, sales and support, finance and analytics. Funds will be used to accelerate and build out platform enhancements and expand its offering to additional channels of distribution within the Cannabis industry. Lastly, this funding will propel springbig’s footprint nationally with the focus of on boarding business development professionals across the West Coast.
We are gratified to announce our latest round of funding. Over the past year, we have established ourselves as a leader in the customer loyalty space, by integrating with over 300 Cannabis retailers and providing SMS, loyalty marketing, and other tools to encourage repeat business for their locations. We look forward to continued growth as we help Cannabis retailers build, retain, and grow their customer base with our world-class technology.
Jeff Harris, founder of springbig
“We are delighted to be participating in this funding round,” says Tyler Stuart, Managing Director of Green Acre Capital. “springbig and its management team have a proven track record of creating value for customers by providing best in class technology and measured ROI for Cannabis retailers. We know that this is a company to watch as they further expand their team and offerings.”
springbig is a perfect example of the companies we are excited to fund. Jeff and team are successful serial entrepreneurs, have two decades of direct experience in outbound and loyalty marketing in the non-cannabis world, and receive top praise from their customers. We believe their strategy of focusing on their core offerings and integrating with adjacent software providers will provide the most value and best experience for their dispensary and brand customers.
Steve Schuman, Managing Director of Halley Ventures Partners