BEND, Ore., Aug. 18, 2020 /PRNewswire/ -- Dutchie, the world's largest and fastest-growing e-commerce solution for cannabis dispensaries, today announced the completion of its $35 million Series B funding round, bringing Dutchie's total funding to $53 million to date. Dutchie's investors include Snoop Dogg's Casa Verde Capital, Kevin Durant's Thirty Five Ventures, Thrive Capital, Gron Ventures, and Former Starbucks Chairman and CEO, Howard Schultz. Dutchie processes 10 percent of all legal cannabis sales worldwide, and powers 25 percent of all legal dispensaries across 30 markets and 301 cities in the United States and Canada.
"In one of the fastest-growing industries in the world, Dutchie is defining how the modern cannabis consumer experience should look and feel for dispensaries and customers alike," said Ross Lipson, CEO and Co-founder at Dutchie. "We have spent three years building the largest online ordering service in cannabis and now is the time to take Dutchie to the next level. We will accelerate in every aspect, from building a world class team, to delivering the industry's best product, and continuing to push the boundaries with innovative and exciting ways to connect consumers and dispensaries."
Dutchie processes approximately 75,000 orders a day - a marker that continues to increase - and is facilitating over $2.4 billion in annualized sales. This week, Dutchie processed its ten millionth order since the company's founding. The e-commerce solution equips dispensaries of any size with the necessary tools to meet surging market demand for online ordering, curbside pick-up, digital payments, and deliveries.
"Dutchie has brought together the right team and technology that will position them as a clear market leader in the cannabis industry for years to come," said Gaurav Ahuja, Investor at Thrive Capital. "We have seen Dutchie continue to build strong software that interfaces dispensaries with consumers online, giving the company wide surface area to create more compelling products for the industry going forward."
According to eMarketer's Ecommerce 2020 Report, e-commerce sales are projected to rise 18 percent and reach about $58.52 billion in 2020. The cannabis industry is one of the fastest-growing in the world with the global cannabis market expected to hit $47 billion and U.S. sales of legal cannabis expected to quintuple by 2025. According to Arcview Research, legal cannabis sales in 2019 grew by 46% to $14.8 billion, which represents the highest annual rate of growth to date. Dutchie's agile, user-centric platform makes buying cannabis online fast, safe, and as easy as in any other industry, offering small businesses in particular a cost-effective way to increase their bottom line and retain more customers.
"Since leading Dutchie's first round of financing in 2018, the Dutchie team has continued to impress us with their maniacal focus on execution," said Karan Wadhera, the Managing Partner of Casa Verde Capital. "Under Ross' leadership, the business has achieved unprecedented growth across every critical metric."
In the face of the COVID-19 outbreak, Dutchie provides cannabis retailers and consumers a socially distant and compliant way to shop and order online. Its tailored software streamlines operations by automatically updating a retailer's online menu, and Dutchie's laser focus on customer support has resulted in an average response time of less than one minute. This latest investment reflects the company's exponential trajectory in just three years and firmly establishes Dutchie as the clear market leader. The new funds will drive team growth, assist with expansion into new markets, and launch major product developments to support cannabis dispensaries while meeting consumer demand and expectations across North America.
To learn more, visit: https://dutchie.com/home.
Based in Bend, Oregon, Dutchie is the cannabis industry's leading and fastest-growing e-commerce provider, powering online ordering for the top dispensaries throughout the United States and Canada. Today, it powers 10 percent of all cannabis sales in the U.S. and hosts more than 25 percent of all cannabis dispensaries nationwide. Dutchie is a product- and design-focused company that has created a best-in-class experience for cannabis dispensaries and shoppers. Since its inception in 2017, Dutchie has experienced significant growth. The company has raised a total of $53M in funding to date. To learn more, visit www.dutchie.com.