The enterprise cannabis commerce company Treez raises $51 million of expansion capital
Treez will use the funding to fuel its aggressive sales growth, accelerate product innovation, including developing new payments and advanced analytics solutions, enhance the functionality of its open cloud commerce platform for single-store and multi-store operators, and expand its geographic reach.
Treez (www.treez.io), the leading enterprise cloud commerce platform that powers retail and supply chain operations for the cannabis market, today announced completion of a $51 million Series C funding at a valuation in excess of $260 million. The round brings new investment from Long Ridge Equity Partners, a New York-based growth equity fund focused on high growth software and fintech companies, Kayne Partners, a Los Angeles-based growth equity group, and Synchrony (NYSE: SYF), a leading consumer (B2C) financial services company. Existing investors also participated in the round. JMP Securities LLC, A Citizens Company, served as exclusive financial advisor to Treez.
Tweet thisTreez will use the funding to fuel its aggressive sales growth, accelerate product innovation, including developing new payments and advanced analytics solutions, enhance the functionality of its open cloud commerce platform for single-store and multi-store operators, and expand its geographic reach. Already, Treez has unveiled new integrations that enhance online ordering and delivery options for retailers. Treez was also one of the few cannabis technology companies to achieve a successful SOC 2 Type 1 audit earlier this year, demonstrating the company's commitment to compliance and customer data security. The company has recently expanded into two state regulated markets, and now supports retailers in eight states.
As part of the funding round, Treez named Angad Singh, partner at Long Ridge, and Gowri Narayanan, an experienced FinTech investor and global leader, to the Board of Directors.
Nishita Cummings, managing partner and co-head of Kayne Partners, the growth private equity group of Kayne Anderson Capital Advisors, and Josh Aycock, principal at Synchrony, were named as observers on the Board of Directors.
"We look forward to working with a renowned group of investors and new board members with deep fintech expertise," said John Yang, CEO of Treez. "They are very excited about this space, aligned and supportive of our vision to deliver the most innovative open cloud commerce platform that powers retailers' growth as the industry moves forward."
This latest funding round follows Treez's 82 percent revenue growth in 2021, where it was recognized as one of the fastest growing companies by Inc. 5000 and Deloitte Technology's Fast 500. Last year, it expanded its workforce by 40 percent across 19 states and three countries.
About Treez.io Treez is the leading enterprise cloud commerce platform that streamlines retail and supply chain operations within the cannabis market. Through its innovative technology for retailers and brands, the company provides a robust breadth and depth of software solutions required to operate a successful modern dispensary. Solutions include point of sale, dispensary inventory management, omnichannel sales capabilities and multiple cashless payment options all on a mission-critical platform that ensures regulatory compliance across every supply chain transaction. The innovative platform also connects essential brands with their retailers through a centralized brand catalog with real-time market insights. The extensible open API platform provides smooth integration into a variety of best-of-breed solutions, including CRM, marketplace, cashless payments and data analytics across the partner ecosystem, giving retailers everything they need to grow their business.