Cannabis technology company Fyllo completes oversubscribed Series B funding round

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Cannabis investments continue to find a great deal of support as the market grows

Fyllo is currently recognized as the technology leader in digital marketing and compliance solutions for highly regulated industries which clearly includes cannabis. The platform recently closed a Series B round, which was co-led by Sol Global and JW Asset Management, and is reported to be oversubscribed to the tune of $30 million.

Since its launch in 2019, Fyllo has been highly relevant in the cannabis industry. After raising around $60 million, this platform has decided to work on solving the biggest challenges the cannabis sector currently faces, including marketing and compliance, which is not surprising in industries that contain high regulation. Over the last few years, Fyllo has been working closely with the world’s most recognized brands in order to take advantage of cannabis data to see which cannabis target audiences are the most valuable.

“The cannabis industry has benefited from rapid growth and innovation yet has lacked the enterprise software solutions to enable it to scale akin to other regulated industries. When we founded Fyllo in 2019, we saw the void in the cannabis market for technology services and the opportunity to create a definitional and disruptive solution. This vision has played out in the last 20 months as Fyllo now works with nearly every major multi-state operator in the U.S., removing barriers for these companies to scale with the speed of their mainstream peers,” said Fyllo co-founder and CEO Chad Bronstein.

Fyllo’s multiple services have been greatly expanded recently, especially after acquiring CannaRegs in 2020, as they now have access to a regulatory compliance tool. The acquisition of DataOwl earlier this year should also not be overlooked, finding greater solutions for loyalty, retail marketing and point of sale.