Los Angeles-based cannabis tech startup GrowFlow announced Tuesday it closed on an $8.4 million growth financing round led by TVC Capital, bringing the company’s total funding raised to $10 million.
GrowFlow’s software provides inventory management, point of sale and analytics support to nearly 1,000 businesses in the hemp and cannabis industry. The platform helps growers manage their operations and retailers keep track of their inventory and sales all in one place. Plus, its Storefront feature connects store owners to wholesalers so they can more easily buy products in large quantities online.
While they have largely been considered “essential” in the midst of the COVID-19 pandemic, GrowFlow says many of its customers have had to reduce staff and make changes to adapt to a more socially distant world. In response, the company is extending its 30-day free trial for new customers and will be rolling out several new features.
“We know our customers’ ways of doing business have changed really quickly in response to this virus, and it’s important for us to support them as much as possible,” CEO Travis Steffen said in a statement. “One of the many new features we’re releasing in the coming weeks is an extension of our retail product to offer pre-orders and curbside pick-up, allowing our customers the ability to keep servicing their own customers while following social distancing guidelines.”
A spokesperson from GrowFlow told Built In that this most recent funding round will be used to innovate its product, create a new “content production arm,” and hire “across the board” in areas like sales, marketing, customer service and software engineering.
