Treez, a POS software developer for the legal cannabis sector, has bagged $11.5m in its Series A round.
The round was led by London-based direct investor Intrinsic Capital Partners, which provided $10m of the capital. Other commitments to the round came from AFI Capital Partners and Welcan Capital.
With this Series A round, it brings the company’s total venture funding to $15m.
Launched in 2016, Treez is a POS solution for legal cannabis merchants across the US, with a goal to improve their compliance, grow data decision making and improve productivity for dispensaries. Terminals available include mobile, desktops and handheld solutions.
Not only do the POS systems enable transactions, but they also provide admin tools such as inventory management, compliance monitoring, online orders tracking, employee management and business analysis.
This line of funding will be used to expand the current team, fund additional partnerships, develop new retail management solutions, and broaden its footprint.
Intrinsic partner Jerry Stahlecker said, “We’re excited to invest in a team that has delivered the industry’s leading enterprise retail management technology and look forward to supporting Treez in growing its market share and developing broader industry solutions.”
Earlier in the year, fellow cannabis POS terminal Green Bits closed its own Series A round, netting $17m. The round was led by Tiger Global, and was raised to accelerate its sales, marketing and product development.
Capital was also raised to support geographic expansion of the platform which is available in 12 US states.
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