DENVER, June 2, 2015 /PRNewswire/ -- Flowhub, a next generation seed-to-sale platform for the cannabis industry, is pleased to announce it has closed a seed round led by Poseidon Asset Management, as well as a private placement by MassRoots (MSRT); a total of $500,000 was raised. "We had to turn down investments towards the end of the round because we were quickly becoming oversubscribed," said Chase Wiseman, Flowhub's CFO. Flowhub is currently operating in private beta and is expected to formally launch later this summer.
"We have spent the past seven months in stealth mode designing an incredibly efficient seed-to-sale technology that will streamline grow-facility and dispensary operations while keeping businesses compliant," stated Flowhub CEO Kyle Sherman, who has first hand experience working in a commercial grow facility and dispensary. "We couldn't have asked for two more strategic investors: the largest social network for cannabis consumers, MassRoots, and one of the most renowned institutional investors in the cannabis sector, Poseidon Asset Management."
In addition to MassRoots' investment in Flowhub, the two companies have agreed on the terms of an exclusive cooperation. Over the next few months, the Flowhub and MassRoots development teams will be working to partially integrate their systems, giving MassRoots' users access to live pricing, inventory and an order-ahead system. At the same time, this alliance will enable dispensaries using Flowhub to target ads to specific customers based on purchasing patterns and social activity. More information is available here. (http://corporate.massroots.com/flowhub)
"Over the past three years, we have conducted thousands of hours of due diligence on the cannabis sector, talked to countless grow and dispensary owners and evaluated hundreds of deals in this space," stated Poseidon's Managing Partner Emily Paxhia, who is expected to join Flowhub's Board. "We believe the cannabis software market is going to be an extremely valuable vertical and Flowhub is uniquely positioned to be a dominant player in this space – and based on how quickly the round was closed, this idea is clearly echoed by other investors."
Grow operation managers and dispensary owners who would like to learn more about Flowhub are encouraged to visit flowhub.co and sign-up for a chance to use the platform during private beta.
Flowhub has developed the next generation of seed-to-sale software for the legal cannabis industry. Currently operating in private beta, Flowhub enables growers and dispensaries to streamline their operations and optimize their profit margins. Flowhub was formed in 2015 and is based in Denver, CO. For more information, please visit flowhub.co.
CEO | Flowhub