- Jane Technologies — a retail software company known for creating the largest online cannabis marketplace — announced it raised $21 million in Series B funding.
Jane Technologies — a retail software company that created the first and largest online cannabis marketplace — announced it has raised $21 million in Series B funding. This is one of the largest raises by a cannabis technology platform.
This round of funding was led by new and returning investors. And it will enable Jane to expand its online marketplace to international vendors, bolster the data analytics platform, and deliver data to other industries. Plus the funds will also enable Jane to continue to advance its e-commerce platform of more than 150,000 products with real-time integration into point-of-sale systems.
“In a world dominated by major multi-national online retailers, we’re bringing together innovative technology to support local businesses, and connecting customers to wellness benefits in their region,” said Jane Technologies founder and CEO Socrates Rosenfeld. “Expanding to global markets is key for Jane as we continue to pioneer the industry and grow an industry-leading team. By helping cannabis companies in the U.S. and overseas, we are localizing the online sales process by bringing together dispensaries, brands, and consumers through automation.”
Jane is on a mission to bring confidence to the cannabis shopping experience while connecting customers to local dispensaries with quality wellness products from their area. And Jane is currently in partnership with more than 700 stores across 21 states.
“We’ve seen Jane effectively support some of the largest retail clients in the country and are pleased to partner with the software innovator so they can grow exponentially,” added lead investor Nick Deans of Pakala Jane Partners. “The online retail marketplace allows Jane to promote local businesses and increase sales with larger shopping cart purchases while keeping transaction costs down.”
The cannabis industry is continuing to rapidly expand and Jane’s internal data has demonstrated people spend double on online purchases than in-person.
“Jane’s purpose-built platform will continue to drive operational improvement for the cannabis industry. In addition, the Jane platform translates across many industries, making Jane as a whole, the future of omnichannel data,” explained Ian Dominguez of Delta Emerald Ventures.
People who purchase CBD spend 50% more than those who do not. And research also shows the online cannabis shopper will spend an average of $206 a month compared to the offline shopper who spends only $122 a month.
“Within the rapidly evolving cannabis space, Jane’s insights as the largest facilitator of e-commerce in the industry are invaluable to its partners, particularly for brands seeking to establish and position themselves within an increasingly crowded marketplace,” noted Jason Adler — the Managing Partner of Gotham Green Partners. “This investment provides resources for building additional infrastructure and proprietary interfaces to help cannabis businesses worldwide to maximize their potential.”
