Green Bits, a point-of-sale terminal for cannabis, has raised $17m in its Series A round led by Tiger Global.
Among the other investors was Casa Verde Capital, a venture firm focused on the cannabis market.
California-headquartered Green Bits provides retailers with a management and compliance POS platform. The technology helps to ensure sales are in-line with local laws, while also driving revenue and optimising store operations.
Its terminal is able to automatically implement transaction limits, complete compliant receipts and audit reports, validate customers, speed-up transactions, and apply a loyalty program.
Green Bits expanded into seven new US states last year and currently serves 1,000 dispensaries in 12 states.
With this line of capital, the company is hoping to accelerate its sales, marketing and product development. Funds will also be used to expand its product and services into new geographic markets.
This burst of equity brings Green Bits total funding efforts to $19.3m, having previously picked up $2.2m in growth financing from Casa Verde and Silicon entrepreneurs last year.
Green Bits co-founder and CEO Ben Curren said, “We have grown quickly in a short period, and this new capital will allow us to exponentially accelerate our growth. Our goal is to be in every state that has legalized cannabis in some way.”
This is the third FinTech deal from Tiger Global this year, with the firm taking part in the $18m Series C round of billing and subscription management company Chargebee. At the start of the year, the firm led the $75m funding in robo-advisor Wealthfront.
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