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springbig Secures $11M in Series B Round of Financing
The recently raised capital will be used towards the expansion of springbig's brand's platform and accelerate its retail growth across the U.S. and Canada
FREMONT, CA: springbig, a leading provider in cannabis CRM and loyalty marketing technology, completes Series B round of financing led by TVC Capital, a software-based growth equity fund, and participation from KEY Investment Partners. Existing investors Argonautic Ventures, HALLEY Venture Partners, and Salex Capital also took part in the funding round.
springbig is one of the fastest-growing CannaTech platforms and South Florida's second-fastest-growing technology company. Since the closure of its Series A in December 2018, springbig's customer base has exponentially grown from 2M to 21M users, a 950 percent increase in less than two years. springbig at present is used by more than 1,400 retailers across the U.S. and Canada and is proud to have a majority of the Multi-State Operators in the U.S. as springbig clients.
The Series B investment will kick-start the growth of springbig's new Brands Platform and further extend its penetration throughout the U.S. and Canada. Founded in June 2020, Brands by springbig, is a one-of-its-kind brand marketing platform that enables brands to reach cannabis consumers via targeted MMS and SMS messages directly. The platform creates an avenue for brands to drive direct-to-consumer engagement while maintaining compliance with strict cannabis regulations. Twelve national and local brands, including Pax Labs and Coda Signature, have already signed up for the new service, and springbig expects to work with dozens more in the coming months.
"We are thrilled to announce this next round of funding and our partnership with some of the leading growth equity and venture capital firms in technology and cannabis. This investment speaks to springbig's software innovation and success in bringing both U.S. and Canadian cannabis companies valuable marketing software for increased customer retention and ROI," said Jeffrey Harris, Founder, and CEO of springbig. "We are working diligently to provide state-of-the-art, compliant marketing technology to an industry riddled with stringent regulations. This capital will help us provide even more value to our customers across North America and introduce our solutions to an even larger base of both Brand and Retail clients."
springbig has widened its base into Canada late last year, with plans to expand its limits throughout North America and with additional technology software partnerships. The capital will support the fulfillment of these initiatives and provide springbig's loyalty marketing software across several hundred additional cannabis retailers.
"We are very pleased to have the opportunity to work with Jeff Harris and his outstanding team at springbig. Having spoken with most of the SaaS firms in the industry, we were beyond impressed with the success that the company has experienced, the excellence of its product offerings and the company's performance across all of the traditional SaaS metrics," commented Jeb Spencer, Co-Founder and Managing Partner of TVC Capital. "We see tremendous opportunity to work with springbig to help drive the expansion of their unique and highly differentiated products that have, unarguably, taken the industry by storm."