springbig Closes $5M Equity Round Led By Altitude Investment Partners
Loyalty marketing platform for cannabis businesses seeks to set standards in new markets
BOCA RATON (December 4 2018) – springbig, the leading provider of loyalty marketing programs for cannabis businesses, today announced the completion of its latest fundraise: a Series A round netting a total of $5 million.
springbig, a technology company which provides SMS, loyalty marketing, and other tools to help encourage repeat business for cannabis retailers, has integrated its technology with eleven of the leading point-of-sale and compliance platforms in mature and emerging legal cannabis markets. These strategic partnerships allow retailers in almost any state to seamlessly implement customer loyalty and retention programs.
The round, which brings springbig’s total amount raised to $11.3 million, was led by Altitude Investment Partners, the venture capital firm behind several of the most innovative and successful companies in the cannabis industry. The majority of springbig’s original investors also came back for this round, including Green Acre Capital and members of The Arcview Group.
Altitude partner Rod Stephan shows confidence in leadership at springbig, adding that “Jeff Harris is an experienced and a motivated loyalty industry leader who has mastered the art of customer acquisition and retention. springbig’s fully-integrated loyalty and customer relationship management tools set the standard for the industry.”
springbig plans to utilize the funding for further development of its flagship SMS and loyalty marketing platform continued expansion into emerging legal cannabis markets throughout the U.S. and Canada, and to develop new software platforms for the cannabis industry.
The opportunity to partner the breadth and depth of springbig’s loyalty platform with Altitude, one of the leading cannabis venture funds, is a significant milestone for the company. We believe that cannabis is only getting bigger, and as new markets come online, loyalty marketing services will be in high demand for retailers just starting up. We plan to fill that demand with innovative solutions custom-fit for the industry.
To learn more about springbig’s available tools and services for cannabis retailers, visit springbig.com.
Founded in 2012, springbig is the leading provider in customer loyalty and marketing communications solutions for cannabis retailers. With customers across the United States, springbig is helping dispensaries keep their customers connected and engaged while allowing them to track their inevitable success and ROI in real-time.