Fyllo Secures USD 10 Million in Series A2 Round of Financing

CIO Applications| Monday, August 31, 2020

The Chicago-based company provides advanced data, media and compliance solutions powered by a database of cannabis regulations. Led by CEO chad Bronstein, Fyllo provides a suite of enterprise-grade software and services powered by RegsTechnology, an extensive database of cannabis laws and regulations at the federal, state and local level.

FREMONT, CA: Cannabis tech startup Fyllo raised USD 10 million in a Series A2 funding round led by existing investors JW Asset Management and K2 & Associates with participation from current investors Arcadian, Salveo Capital and Phyto Partners. The latest round of funding takes the company's total raised capital to USD 26 million. Proceeds from the company will be used by the company to advance its data, media and compliance solutions and accelerate expansion into other highly regulated industries.

Fyllo was founded in 2019 by Chad Bronstein, Aristotle Loumis, and Erik Shani and helps companies comply with state and federal advertising regulations. Marijuana firms can be fined if their digital ads run in a state where their product is not allowed or if the ad is seen by someone underage. Fyllo's tech make sure the ad is being delivered to the intended audience. "As industry growth outstrips legalization, marketers and legal professionals will need our help now more than ever in order to keep pace with compliance and consumer demand," Bronstein said.

JW Managing Director Jason Klarreich stated that the firm was excited to lead the funding round, adding that Fyllo's products will ultimately be brought to bear on other highly regulated industries. Since its launch in 2019, the company's customer base has grown to include some of the most iconic brands in cannabis. And with its recent release of the Fyllo Data Marketplace, mainstream marketers can now leverage cannabis-endemic audience data for digital advertising.