OAKLAND, Calif., Sept. 17, 2020 /PRNewswire/ -- Treez (www.treez.io), a private company focused on retail automation for the cannabis industry supply chain, today announced the closing of a $13 million Series B investment round led by Intrinsic Capital Partners. The new funding will be used to further accelerate expansion into legal state retailers for B2C and B2B commerce, as well as extend the company's reach through APIs into best-of-breed tech stacks (ERP, CRM and other complementary systems).
John Yang, Treez CEO, stated, "We are pleased to receive this endorsement from a respected investor with a deep understanding of emerging cannabis markets. Concurrently, the company has achieved 71 percent year-to-date growth in our retail gross merchandise volume (GMV), growing to $1.7 billion across more than 270 retailers in some of the most complex states. As we move into additional states, we are particularly proud of our expanding market leadership in California, where we've captured 37 percent market share."
Jerry Stahlecker, Managing Partner at Intrinsic, noted, "This investment comes at a time when the value of real-time data within cannabis enterprises is rapidly rising. Analytics for competitive advantage and efficient operations now requires the collection of critical transactional data that Treez provides."
Treez is a market-leading, enterprise-grade business management platform serving the cannabis supply chain. The platform solution benefits brands and retailers, with point-of-sale (POS), integrated payments, grow and data software solutions. Included are analytics for real-time insights and industry cataloging technology that allows greater automation.
As noted by CFO David Yan, the company operates under a SaaS subscription model that has delivered over 75% year-over-year recurring revenue growth with over 100% net retention. This is supported by continual investment in software that covers multiple touchpoints for customers, including critical compliance requirements. Treez is an essential software backbone that provides stability in an evolving regulatory landscape.
Treez was founded in 2016 by John Yang and Shareef El-Sissi. Today, the company is noted for numerous industry-changing innovations beyond original flagship point-of-sale capabilities, particularly with real-time automation between brands, retailers and cataloging technology.
About Intrinsic Capital Partners
Intrinsic Capital Partners is an investment firm focused on life science and technology businesses within the legal cannabis market. The Intrinsic team brings institutional investment discipline and world-class operating experience to build and scale industry-leading companies that address unmet needs across the supply chain.