Jane Technologies Secures $21 Million Series B Funding to Accelerate Data Analytics Platform and Expand E-commerce Marketplace

On July 22, 2019, VCBeat (WeChat ID: vcbeat) learned that Jane Technologies, an online cannabis retailer, had secured $21 million in Series B financing. The investors were Gotham Green Partners, Delta Emerald Ventures, and Nick Deans.

It is reported that Jane Technologies secured a $6 million Series A financing round in 2018. The funds were allocated to provide pharmacies with cutting-edge data analytics technologies and to optimize the consumer shopping experience.

With this round of financing, Jane Technologies will expand its e-commerce channels to include international suppliers, further develop its data analytics platform, and enable the provision of data services to other industries. Additionally, following this funding round, Jane Technologies will continue to advance its e-commerce platform, which currently offers over 150,000 products and features a real-time integrated POS system.

Jane Technologies is a retail technology company that created iheartjane.com, an online marketplace for the cannabis industry. It enables users to browse local products in real time, compare items by price, proximity, or popularity, and place free orders at local dispensaries. Jane Technologies maintains a large real-time inventory catalog comprising 70,000 products and can integrate in real time with any existing point-of-sale (POS) system. The online marketplace’s vendor network has expanded to nearly 500 dispensaries across 19 states.

Socrates Rosenfeld, Founder and CEO of the company, stated, “In a world dominated by large multinational online retailers, we are integrating innovative technologies to support local businesses and connect customers with health and wellness offerings in their communities. For Jane Technologies, expanding into global markets is key as we continue to lead the industry and build an industry-leading team. By helping cannabis companies in the United States and abroad, we bring dispensaries, brands, and consumers together through automated systems, localizing the online sales process.”

As the cannabis industry continues to expand rapidly, internal data from Jane Technologies shows that consumers spend twice as much on online purchases as they do in brick-and-mortar stores. Today, individuals who purchase CBD spend 50% more than those who do not. Research also indicates that people who buy cannabis online spend an average of $206 per month, compared to just $122 per month for those purchasing in physical stores.

Nick Deans, lead investor at Pakala Jane Partners, stated, “We have observed that Jane Technologies supports some of the largest retail clients in the United States and collaborates with software innovators, enabling it to achieve exponential growth. The online retail marketplace allows Jane Technologies to foster the development of local businesses, increasing sales through a larger shopping platform while reducing transaction costs.”

Jason Adler, Managing Partner at Gotham Green Partners, stated, “In the rapidly evolving cannabis sector, Jane Technologies, as the industry’s largest e-commerce enabler, offers invaluable insights—particularly for brands seeking to establish their position in an increasingly crowded marketplace. This investment provides resources for Jane Technologies to build additional infrastructure and proprietary interfaces, helping cannabis businesses worldwide maximize their potential.”

Gotham Green Partners is a New York-based private equity firm focused on investing in cannabis and cannabis-related businesses globally. The company manages a diversified portfolio and actively invests across the cannabis value chain.

(Compiled by Hu Yifan)