Cannabis e-commerce platform Dutchie secures $350 million in Series D round of funding and is now valued at $3.75 billion.
Bend, Oregon-based cannabis e-commerce platform Dutchie raises $350 million in Series D round of funding. This round of funding is the company’s second significant round of funding this year. It raised $200 million in March when it was valued at $1.7 billion. The company is now valued at $3.75 billion.
Dutchie is an e-commerce company that charges cannabis dispensaries a monthly fee to create, run and manage their websites and orders. The co-founder and CEO of Dutchie, Ross Lipson, said Dutchie was now working with over 5,000 dispensaries across North America and handled $14 billion in annualized sales for those dispensaries. He also said that the company had seen 100% year-over-year growth with dispensaries.
The latest funding round is led by D1 Capital Partners—Willoughby Capital, Park West Asset Management, and Glynn Capital are the new investors. The newest funding round boosts Dutchie’s total funding to over $600 million. The growth in cannabis use during the COVID-19 pandemic and the expectation of more states in the U. S to legalize cannabis has increased investment in the nascent cannabis industry. In April this year, news website Crunchbase reported that almost $357 million was invested into cannabis-based companies until then in 2021. Forecasters predict cannabis will be a $100 billion industry in the U.S. by 2030.