Socrates Rosenfeld founded the e-commerce cannabis provider, Jane Technologies in 2015. It is the 1st completely automated marketplace for producing high-quality cannabis. It powers more than 2100 brands and dispensaries across the markets of 36 states of the United States. The company also expanded its roots across Canadian markets.
Jane Technologies provides high-quality cannabis for the best use of it.
The online retail sale of cannabis is becoming the norm as customers’ expectations are changing quickly. To build a robust online experience, Jane offers a turn-key solution for its quicker presence.
The company announced that it has raised $100 million in a new series C funding round which makes the total raised by the company $130 million.
Honor Ventures led this round with support from many other investors including L2 Ventures, Third Point Ventures, Delta Emerald Ventures, Gotham Green Partners, and Artemis Growth Partners.
And, Jeffrey Housenbold, the Founding Managing Partner of Honor Ventures joins the board of directors of Jane Technologies.
The robust suite of products and business solutions provided by Jane Technologies helps in empowering retailers and brands of cannabis and also helps in easy access to cannabis customers. Almost 20% of legal cannabis transactions in the US have been done by Jane Technologies.
During the pandemic, strong restrictions were imposed on cannabis selling which lead its e-commerce sale to grow more than 32% in 2020 and this shift of online shopping continues in 2021 as well. Cannabis was 1 of the winners of the Covid-19 pandemic as when the world shuts down, the sales of cannabis lit up.
The co-founder of Jane Technologies, Socrates Rosenfeld said that according to him he is able to see the next chapter of e-commerce’s future and not just in cannabis but also in various retail verticals of the world including alcohol, restaurants, groceries, and convenience goods.
He further added that he is very proud of his team that they have come this far and denoted it as the direct result of their recent raising($100 million series C).
He also said that he feels extremely fortunate to belong to the cannabis industry, where there is no direct connection between its products and consumers. They have to find a way to link and tie the customer with the retailers and brands. He said that they neither do this by directly shipping it to the consumers nor by competing with the retailers but, they had to work in alliance with the retailers to provide them the powerful tools to enable the e-commerce work.
A month before this raising, Jane Technologies partnered with High Tide, its first Canadian retailer. The company also launched a powerful e-commerce platform, Jane Roots which is the all-in-one platform that enables the dispensaries to concentrate mainly on front-end design while Jane takes care of the combination of retail.
Aim Behind this Fundraising
Socrates Rosenfeld said that the beginning of the next chapter is marked by Jane Technologies by this series C round as they are going to be steadfast on their mission to empower local businesses along with providing secure access to a plant that aids millions of people around the world.
Jane decided to use this new funding to broaden its digital footprint and grow its team across numerous areas of operations. It will also use this raw capital to further enhance its existing solution and wants to introduce new technologies.
The new member of the board of directors of Jane Technologies, Jeffrey Housenbold said that he had spent his 25 years working with e-commerce companies and few of them became unwavering global platforms. He further said that Jane Technologies has every component to become the next Shopify or eBay. They are making easy access to consumers, retailers, and brands and he trusts Jane to be the future of cannabis in e-commerce on a global basis.
Conclusion
Jane Technologies, which is the leading provider of cannabis in e-commerce has closed a $100 million series C which makes the total raised value $130 million since inception. Honor Ventures led this round and got help from other investors including L2 Ventures, Third Point Ventures, Delta Emerald Ventures, Gotham Green Partners, and Artemis Growth Partners. The Founding Managing Partner of Honor Ventures, Jeffrey Housenbold joined the board of directors of Jane Technologies. The company decided to use this new funding to broaden its digital footprint and grow its team across numerous areas of operations. It will also use this raw capital to further enhance its existing solution and wants to introduce new technologies.
FAQs
Ans. Honor Ventures led this round.
Ans. Santa Cruz, California, USA.
Ans. The aim of this fundraising is to accelerate its market expansion, its growth, and its product development.
Ans. In 2015.
Ans. Honor Ventures Founding Managing Partner, Jeffrey Housenbold joined its board of directors team.
