Cannabis-focused marketing software firm Baker announced Thursday it has secured $8 million in Series A funding, bringing the company’s total capital raised to $11.75 million.
Denver-based Baker recently acquired another marketing platform company, Seattle-based Grassworks and is opening a Seattle office. The company also plans to add an office next year in Los Angeles as California legalizes non-medical marijuana use.
“Our products help dispensaries make more money, which is why we’ve experienced such tremendous growth this year,” said Joel Milton, CEO of Baker. “This funding will allow us to continue to execute on our platform strategy, and help all of our clients grow their businesses — including those in California gearing up for adult use.”
The funding round was led by venture capital firm Poseidon Asset Management, which specializes in cannabis business funding.
Baker’s software is used by more than 700 cannabis dispensaries in 16 states, and with more than 50 employees is one of the larger tech companies serving the marijuana business.