Cannabis e-commerce tech startup Dutchie raises $350 million at a $3.75 billion valuation
About three years ago, CBDs and cannabis startups were dominating the headlines. Then about a year ago, investors pulled back from the space and set their sights on cryptocurrency and NFTS. However, that does not mean the CBD space is dead. Cannabis startups continue to thrive. One of those startups is Dutchie, a Bend, Oregon-based tech startup that provides an all-in-one technology platform that powers dispensary operations.
Today, Dutchie said it has raised $350 million in funding led by venture capital firm D1 Capital Partners and previous investors. Other backers include Tiger Global, Dragoneer, DFJ Growth, Thrive Capital, and Snoop Dog’s Casa Verde Capital. The latest round now values the company at $3.75 billion, making it a member of the unicorn club.
The announcement comes after the company raised $200 million in March when it was valued at $1.7 billion. Dutchie said it will use the fresh capital infusion to double down on research and development for its products. It takes a license fee from dispensaries that use the Dutchie e-commerce platform to sell to consumers.
Founded in 2017 by Ross Lipson, Samuel Ellis, and Zach Lipson, Dutchie provides consumers with safe and easy access and supports the wave of positive societal change that cannabis is bringing to the world. The company has also benefited from the surge in cannabis use during the COVID-19 pandemic.
“We feel like we’re just scratching the surface as an industry and also as a company here at Dutchie and there’s a lot of runways ahead of us,” said Lipson.