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Venture funding for cannabis-tech startups that do everything from helping grow better pot to connecting dispensaries with customers has been red-hot in recent weeks.
Trym is the latest cannabis tech startup to raise money, closing a $3.1 million seed round on September 29. The startup’s product helps cultivators optimize cannabis-grow operations as marijuana can be a finicky plant, Trym CEO and cofounder Matt Mayberry told Business Insider.
Trym did not disclose its post-money valuation.
The first $1 million of the round came from friends and family, Mayberry said. The rest of the seed funding, $2.1 million, came from a group of cannabis-focused venture funds led by 7thirty Capital and included Welcan Capital, Arcview Collective Fund, and Delta Emerald Ventures, among others.
It can be difficult for cannabis startups to raise money because marijuana is still an illegal drug in the eyes of the US federal government.
Read more: Cannabis startup Dutchie raised $35 million from Josh Kushner’s Thrive Capital and Starbucks founder Howard Schultz. Here’s an exclusive look at the pitch deck it used to close the round.
Raising money was “not a very expeditious process,” Mayberry said. His team first started raising funds at the end of 2019 — …read more
Source:: Businessinsider – Tech