BOCA RATON, Fla., Aug. 11, 2020 /PRNewswire/ -- springbig, a leading provider in cannabis CRM and loyalty marketing technology, today announced the completion of its $11.5M Series B funding. The latest investment round is led by TVC Capital, a software-focused growth equity fund, with participation from KEY Investment Partners. Current investors Argonautic Ventures, HALLEY Venture Partners and Salex Capital also participated in the round.
springbig is one of the fastest growing CannaTech platforms in the industry and South Florida's second fastest growing technology company. Since the close of its Series A in December 2018, springbig's user base has grown from 2M to 21M users, a 950% increase in less than two years. springbig is currently used by more than 1,400 retailers across the U.S. and Canada and is proud to have a majority of the Multi-State Operators in the U.S. as springbig clients.
The Series B investment will accelerate the growth of springbig's new Brands Platform and further the company's expansion throughout the U.S. and Canada. Launched in June 2020, Brands by springbig is a first-of-its-kind brand marketing platform that allows brands to directly reach cannabis consumers through targeted MMS and SMS messages. The platform provides an avenue for brands to drive direct-to-consumer engagement while staying compliant with strict cannabis regulations. Twelve national and local brands including Pax Labs and Coda Signature have already signed up for the new service, and springbig expects to work with dozens more in the coming months.
"We are thrilled to announce this next round of funding and our partnership with some of the leading growth equity and venture capital firms in technology and cannabis. This investment speaks to springbig's software innovation and success in bringing both U.S. and Canadian cannabis companies valuable marketing software for increased customer retention and ROI," said Jeffrey Harris, Founder and CEO of springbig. "We are working diligently to provide state-of-the-art, compliant marketing technology to an industry riddled with stringent regulations. This capital will help us provide even more value to our customers across North America and introduce our solutions to an even larger base of both Brand and Retail clients."
springbig broadened its reach into Canada late last year, with plans to further expand throughout North America with additional technology software partnerships. The capital will support these initiatives to provide springbig's loyalty marketing software across several hundred additional cannabis retailers.
"We are very pleased to have the opportunity to work with Jeff Harris and his outstanding team at springbig. Having spoken with most of the SaaS firms in the industry, we were beyond impressed with the success that the company has experienced, the excellence of its product offerings and the company's performance across all of the traditional SaaS metrics," commented Jeb Spencer, Co-Founder and Managing Partner of TVC Capital. "We see tremendous opportunity to work with springbig to help drive the expansion of their unique and highly differentiated products that have, unarguably, taken the industry by storm."
springbig is the leading provider in customer-loyalty and communications solutions for dispensaries and cannabis retailers. Founded in 2017, springbig offers state of the art CRM programs that capture key customer data and seamlessly integrates with existing dispensary POS systems. The platform also develops custom cannabis loyalty software embedded with advanced marketing tools to retain customers and sends targeted and personalized SMS campaigns based on customer interest with a 99% open rate. springbig is helping dispensaries & cannabis retailers keep their clientele connected and engaged while allowing the store owners to track their inevitable success and ROI in real-time.
About TVC Capital
TVC Capital is a San Diego-based growth equity firm with $400 million under management. TVC is focused on investments in and acquisitions of mission-critical software firms. TVC targets a wide spectrum of software sectors and industry verticals that are poised for growth and consolidation. The TVC team is led by operating executives with more than 80 years of experience growing technology companies into market leaders. Current and past investments include CreatorIQ, HealthCrowd, SimpleNexus, Perspectium, Celigo, BitTitan, Limeade, LiquidPlanner, Mercent Digital Map Products, SmartAction, Accordent Technologies, Docupace, MediaPlatform, Levels Beyond (Reach Engine), Del Mar DataTrac, Centage and ReverseVision.
For more information, visit https://tvccapital.com/.