OAKLAND, Calif., April 19, 2019 /PRNewswire/ -- Nabis, one of California's largest Type 11 Cannabis Distributors, announced they've raised $4 million during their second round of financing which officially closed in March 2019. This follows their seed round last summer when they raised $1.25 million from Silicon Valley's elite investors, bringing the total amount raised to $5.25 million since its inception in 2017.
Key investors include Y Combinator, Liquid 2 Ventures, Soma Capital, Babel Ventures, Paul Buchheit (creator of Gmail), Stanley Tang (co-founder of DoorDash), Clark Valberg (CEO of InVision) and Keisuke Honda (professional soccer player and coach).
This capital will go towards expansion in both California and out-of-state as Nabis focuses on business growth to scale up their cannabis supply chain. Nabis will also be building a fully-renovated 10,000 sq. ft. distribution hub in Los Angeles to streamline operations and support growing demand in Southern California. As a tech-driven company, Nabis manages its distribution logistics using its proprietary cannabis-compliant software system. They plan to invest heavily in their software capabilities to deliver the best experience for brand and retail partners, further solidifying their positioning as the most reliable logistics service in the industry.
"Nabis' latest round of funding will allow us to significantly scale up our infrastructure and software product to continue dominating the industry in California," said Vince Ning, CEO of Nabis. "We've become a top-tier distributor with a statewide network in just over one year of operations and we want to continue bolstering our service level by making it even easier for brands to enter the retail market."
Since the legalization of cannabis in California in January 2018, Nabis has shipped tens of millions of dollars worth of product. They currently distribute to over 90% of retailers in California and have over 40 brand partners on their roster.
"Our new distribution facility will dramatically increase our throughput and reduce turnaround time for each shipment," said Jun S. Lee, President of Nabis. "We currently provide 36-hour shipping in all metropolitan and major secondary markets at a 98% on-time delivery success rate, a service level we want to uphold and extend state-wide by the end of the year."
Nabis is a leading, independent cannabis distributor based in California with a software front-end and infrastructural backend. The tech-driven company provides a lightning-fast distribution network for the fulfillment, storage, and sales of wholesale cannabis products for over 40 major brands including Canndescent, THC Design, Cresco, Beezle, Nasha, and Honey Vape to retailers across the state from small delivery businesses to major dispensary chains. Founded on a simple mission to modernize the cannabis supply chain in 2017, Nabis offers transparency and efficiency for partners through their unique software portal that seamlessly automates every aspect of cannabis distribution.
For more information, visit their website at www.getnabis.com.
Nabis - Director of Strategy & Information