FoodBev reports Kraft Heinz has created its initial move into the cannabis sector, as its Evolv Ventures venture capital arm has co-led a $23 million funding round in cannabis technologies startup Flowhub.
Denver-headquartered Flowhub is a cannabis retail computer software enterprise which delivers compliance, point of sale, inventory tracking and small business intelligence information to cannabis dispensaries by means of a digital platform.
Evolv Ventures was established by Kraft Heinz final year to invest in emerging tech businesses that are “transforming the meals industry”, and this investment is the third venture created by Evolv and its initial in the cannabis tech sector.
The overarching objective of the venture arm is to help Kraft Heinz’s efforts to retain on major of altering trends in the meals and beverage business, and CBD-infused merchandise are gaining interest from shoppers due to their perceived functional positive aspects.
The investment marked 1 of the biggest Series A rounds undertaken in the cannabis tech business, and was led by Evolv, e.ventures and Poseidon, with additional contributions from 9Yards Capital and Iqram Magdon-Ismail, the co-founder and former CEO of Venmo.
Kyle Sherman, founder and CEO of Flowhub mentioned: “What we are experiencing proper now is an finish to cannabis prohibition and Flowhub is on the front lines of this movement.
“Every legal transaction completed with the Flowhub retail platform is a constructive step forward, and we are committed to assisting our shoppers develop thriving cannabis corporations.
“With this investment, we will continue to automate the cannabis provide chain, retail and reporting processes and bring to industry technologies options that are not only shaping the cannabis retail small business, but also driving forward the future of legalization and de-stigmatization.”
Kraft Heinz leads $23m investment in cannabis startup Flowhub