Fyllo, the world's first MarTech platform for the cannabis industry, announced it has raised $16 million in startup financing from a list of premier institutional and venture capital investors. Fyllo's seed round financing, the highest ever among Midwest startups, gives it a strong start as a leading provider of cannabis-compliant advertising and analytics for the fast-developing cannabis industry.
Fyllo's seed round financing is led by JW Asset Management and Canadian-based K2 & Associates, with other investors also making commitments. JW Asset Management is the well-known early-stage investor behind several of the hottest companies in the cannabis space including TerrAscend and Canopy Rivers. Jason Klarreich, managing director of JW Asset Management, will assume a seat on Fyllo's board of directors.
Fyllo intends to use its initial funds to expand its technology platforms and add personnel to meet operational needs. In addition to its Chicago headquarters, Fyllo has offices in Los Angeles, Denver, New York, Toronto and Tel Aviv, with expansion planned for Las Vegas, Phoenix, and Cleveland. The company anticipates more than doubling its staff in the next several months.
"We are excited to partner with Fyllo as they address a major unmet need for the cannabis industry," commented Klarreich. "Chad has built a great team with the experience and talent to deliver superior marketing solutions to companies across the cannabis industry."
Through its proprietary technologies,
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