Cannabis tech company Dutchie announced Thursday that it has raised $350 million through a Series D financing round, following which the Bend, Oregon-based company is now valued at $3.75 billion, more than doubling the company’s valuation in less than seven months.
The financing round was led by D1 Capital Partners, with participation from previous investors, including Tiger Global, Dragoneer, DFJ Growth, Thrive Capital, Gron Ventures and Casa Verde Capital, as well as new investors, including Willoughby Capital, Glynn Capital and Park West Asset Management.
The transaction comes seven months after the closing of a $200 million Series C funding round led by Tiger Global, which boosted the company’s valuation to $1.7 billion.
“We believe cannabis is good for humanity, and we’re committed to doing our part to propel this remarkable industry forward based on that core belief,” Ross Lipson, CEO and co-founder at Dutchie said Thursday. “We are powering cannabis commerce through the products and support that we provide our dispensary partners. We’re working arm-in-arm with our customers to create safe and easy access to cannabis while opening people’s hearts and minds to the good it can do.”
Currently, the company has more than 500 employees across 40 different U.S. states and Canada.
The funding will go toward the company’s initiatives to add and attract top talent as well as to support expansion into new markets, including outside of North America.
In addition, the company plans to double down on its research and development investments to launch major products to support cannabis dispensaries.
“We seek to back companies with big visions that create significant value for their stakeholders,” said Emily Corning at D1 Capital Partners. “Dutchie is the tech backbone helping propel one of the fastest-growing industries in the world, and we’re all in to advance their mission.”