, closed a $26 million Series A funding round led by cannabis-focused fund JW Asset Management, among other investors. About $16 million of Fyllo's Series A came in before the quarter began., led by Josh Kushner's Thrive Capital. The round included other mainstream funds, including Kevin Durant's Thirty Five Ventures, and Starbucks founder Howard Schultz.
In the private market, the story was similar. In the second quarter of 2019, venture investors poured $946 million into cannabis startups across 73 deals, per the data provider PitchBook. By the first quarter of 2020, that dried up to only $157 million across 43 deals, though things have since started to pick up.
As a SaaS company, Springbig CEO Jeffrey Harris said he was looking for a tech fund to lead his startup's Series B, rather than a cannabis fund, as he wanted a partner who could help advise on the technical details of the startup's growth. "We were primarily looking for a technology fund to lead this round," Harris said in an August interview. "That's nothing against cannabis funds, we love cannabis funds."
ScottW_Grizzle thomasg_grizzle you guys seeing increase in VC activity in $MJ space?
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