Fyllo, which is building compliance-first SaaS solutions for highly regulated industries, has collected $40m in its Series C.
Eminence Capital, a global asset management firm, served as the lead investor, with participation also coming from Longview Capital Advisors, ArrowMark Partners, JW Asset Management, K2 Asset Management, Ambria Capital, Arcadian Capital Management, Phyto Partners and Salveo Capital.
With the capital, the company hopes to hire top talent for its team and seek accretive acquisitions.
The fundraise coms after a strong year of growth for Fyllo. Since the start of 2021, business has grown by 100% and its team has nearly grown by 275%.
Founded by Chad Bronstein, Fyllo is building compliance, data and marketing solutions for companies in highly regulated sectors.
Speaking on the investment, Eminence Capital CEO Ricky Sandler said, “Fyllo is our first private investment in the cannabis space, but what we really see in the company is a unique solution for customer acquisition, data and compliance that can be applied to operators in any industry that has to navigate stringent regulations.
“Chad and his team have built something that rivals the largest players in the world to solve some of the biggest challenges that face highly regulated industries, starting with cannabis.”
As part of the investment, Eminence Capital portfolio manager Kristopher Koka will join Fyllo’s board of directors.
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