Benzinga | Nov 8, 2021 11:06AM EST

Fyllo Raises $40M In Series C Round Led By Eminence Capital, Will Fund New Hires & Acquisitions

Cannabis compliance technology platform Fyllo reported Monday that it has closed a CA$40 million ($32.1 million) series C round led by Eminence Capital.

For both cannabis and mainstream brands, Fyllo's Data Marketplace provides unparalleled access to cannabis and CBD audiences, which has grown into a lucrative consumer segment.

"In 2021, demand for our products skyrocketed," Chad Bronstein, CEO and founder of Fyllo, said. "We couldn't be happier to work with Eminence Capital, a trailblazing firm known for investing in innovative, high-growth industries."

Fyllo announced that it plans to use the funds to continue investing in top talent and for accretive acquisitions to enhance its technology stack following the purchase of retail and marketing platform DataOwl in February.

DataOwl's retail solutions will be integrated into Fyllo's Compliance Cloud, creating what's being touted as the industry's first end-to-end, brand-safe marketing platform, the company said earlier this year.

The Chicago-based companies Longview Capital Advisors, ArrowMark Partners, JW Asset Management, K2 Asset Management, Ambria Capital, Arcadian Capital Management, Phyto Partners and Salveo Capital also participated in the round.

Year to date, Fyllo's business has grown over 100%, and its team has grown by nearly 275%, with the addition of executives from Twitter Inc. (NYSE:TWTR), Salesforce.com (NYSE:CRM) and major cannabis brands.

Good Move For Eminence Capital

"Fyllo is our first private investment in the cannabis space, but what we really see in the company is a unique solution for customer acquisition, data and compliance that can be applied to operators in any industry that has to navigate stringent regulations," Ricky Sandler, CEO of Eminence Capital said. "Chad and his team have built something that rivals the largest players in the world to solve some of the biggest challenges that face highly regulated industries, starting with cannabis."

Concurrent with this raise, Kristopher Koka, portfolio manager of Eminence Capital, will be joining the company's board of directors.

More recent news from Fyllo:

* BREAKING: Fyllo Continues Hiring Spree With Three New Additions To Senior Team

* Cannabis Movers & Shakers: Fyllo, Shelter Cannabis, Khiron, Amfil Technologies, Creo, Willow Industries, Charlotte's Web

* Cannabis Movers & Shakers: Phyto, HERBL, Treez, Fyllo, Auxly, AgraFlora, Viridis

* Cannabis Movers & Shakers: CanTrust, Delic, Mind Cure, Schwazze, Curaleaf, Trulieve, Fyllo, Connected Cannabis

Photo: Courtesy of Fyllo