Hoodie Analytics, a U.S.-based cannabis data and technology firm, today announced it has secured all of its $5 million planned capital raise, with another $1 million open for a follow-on raise. The proceeds will primarily be used to fund the market expansion of Hoodie's newly launched cannabis market insights and product data management platform.
The Capital Raise was led by Measure 8 Partners with follow-on from Entourage Effect Capital (EEC) and Satori Investors. Early investors in the series A round also include Greenlight Investors and OlsonUbben via Tony Olson, Founder and Chairman of SPINS. Hoodie saw continued participation from insiders such as Arcview Ventures Seed Fund, Arcview Collective Fund, Greenlight Investors, and Tech Nexus.
Additionally, Hoodie further strengthened its leadership and governance structures with the appointments of David Navama, Co-founder of Vitamin Capital and former President and Chief Innovation Officer of SPINS. Timur Sultanov from Measure 8 Partners also joins the Board of Directors, as well as observers Andy Sturner, Partner at Entourage Effect Capital, and John Campbell of Satori Investors.
"The cannabis industry serves such a large and diverse consumer base that overarching market demands and consumer trends cannot accurately predict customer behavior at a hyper-local level. Location, age, income and other factors all affect the decisions a customer makes at the register," said Wes Shepherd, CEO and Chairman of Hoodie. "Only Hoodie provides granular market data down to individual dispensary level for brands and operators. We help them position their product in front of their target audiences to maximize sales and success. With the support of our incredible investors, Hoodie will continue to expand its dynamic suite of tools to best serve the industry we love."
