SpringBIG, a Boca Raton-based startup serving the cannabis industry, announced this month that is has raised $3.2 million in capital. The round was led by Green Acre Capital and HALLEY Venture Partners, with participation from members of The Arcview Group and other investors, and it brings the startup’s total amount raised to $6.3 million.
SpringBIG is a customer engagement and marketing platform for cannabis dispensaries and brands. Its data-driven approach includes loyalty and rewards, personalized messaging and analytics and its customers are cannabis stores in California, Colorado, Illinois, Maryland, Michigan and Washington state.
SpringBIG said the funding will be used for product development, for new hires in technology development, product management, sales and support, finance and analytics and for national expansion. “Over the past year, we have established ourselves as a leader in the customer loyalty space, by integrating with over 300 cannabis retailers and providing SMS, loyalty marketing, and other tools to encourage repeat business for their locations. We look forward to continued growth as we help cannabis retailers build, retain, and grow their customer base with our world-class technology,” said Jeffrey Harris, founder and CEO of springBIG, in a press release.
Harris told the Palm Beach Post that springBIG first focused on selling its services to mom-and-pop pizzerias, yogurt shops and nail salons, but saw that cannabis dispensaries that had signed up for springBIG’s platform were far more lucrative than other types of merchants.
SpringBIG also won a $50,000 grand prize after Harris pitched at an investor conference in Palm Beach hosted by The Arcview Group in September.