Treez, an enterprise cloud commerce platform for retail and supply chain operations for the cannabis market, announced the completion of a $51 million Series C funding at a valuation in excess of $260 million.
The round brings new investment from Long Ridge Equity Partners, a New York-based growth equity fund; Kayne Partners, a Los Angeles-based growth equity group; and Synchrony Financial, a consumer (B2C) financial services company. Existing investors also participated in the round.
Treez will use the funding for sales growth and to accelerate product innovation including developing new payments and advanced analytics solutions, enhancing the functionality of its open cloud commerce platform for single-store and multi-store operators, and expanding its geographic reach. Treez has already unveiled new integrations that enhance online ordering and delivery options for retailers. The company was also one of the few cannabis technology companies to achieve a successful SOC 2 Type 1 audit earlier this year, demonstrating its commitment to compliance and customer data security. The company has recently expanded into two state regulated markets, and now supports retailers in eight states.
As part of the funding round, Treez named Angad Singh, partner at Long Ridge, and Gowri Narayanan, an experienced FinTech investor, to the board of directors.
Nishita Cummings, managing partner and co-head of Kayne Partners, the growth private equity group of Kayne Anderson Capital Advisors, and Josh Aycock, principal at Synchrony, were named as observers on the board of directors.
"We look forward to working with a renowned group of investors and new board members with deep fintech expertise," said John Yang, CEO of Treez. "They are very excited about this space, aligned and supportive of our vision to deliver the most innovative open cloud commerce platform that powers retailers' growth as the industry moves forward."
This latest funding round follows Treez's 82 percent revenue growth in 2021. Last year, it expanded its workforce by 40 percent across 19 states and three countries.