Dutchie
Founded: 2017
Located: Bend, Oregon
Post-money valuation: $205 million, according to PitchBook. Dutchie declined to disclose a figure.
Biggest funding round of 2020: $35 million closed in August 2020. Read Business Insider’s coverage here, where we got an exclusive look at the pitch deck Dutchie used to close the round.
Total raised to date: $53 million, according to Dutchie.
What the company does: Dutchie is an e-commerce software startup that connects cannabis consumers to dispensaries and allows them to order products from their homes. It also powers online ordering tools for the dispensaries themselves.
Why VCs like the company:
Three investors named Dutchie as one of their picks.
“Dutchie was an early mover in the B2C eCommerce space in cannabis, and while not a HALLEY portfolio company, B2C eCommerce is a large component of nearly every other product and service outside of cannabis,” HALLEY Venture Partners Managing Director Steve Schuman told Business Insider. “WeedMaps’ recently announced $1.5 billion deal with Silver Spike SPAC is a validation of the growing importance of that piece of the puzzle.”
In general, Schuman said, e-commerce feels fragmented and underdeveloped in the cannabis space, and his firm continues to look for solutions to help brands and dispensaries connect with consumers and patients online.
“Dutchie is the leading e-commerce platform in cannabis,” says Gron Ventures managing partner Wilder Ramsey. “In three years it has grown from zero to more than $2.6 billion in annual GMV, making it one of the fastest-growing and most efficient commerce platforms of all time, in any vertical.”
“This performance is testament to a remarkable team,” Ramsey continued, “anchored by brothers Ross and Zach Lipson, who are setting pace for all of us in an industry characterized by torrid growth.”
“Dutchie is already a success story and they are going big with their recent raise,” said Panther Opportunity Fund’s Jordan Tritt. “Their CEO, Ross Lipson, has already exited multiple businesses in the online ordering and delivery space and his timing is right with the increased digitization of cannabis favoring online ordering.”
Recent Comments