Fyllo, a specialist in compliance-first SaaS solutions for highly regulated industries, has closed a USD40 million Series C round led by Eminence Capital.
New venture firms that participated in the round include Longview Capital Advisors and ArrowMark Partners.
Fyllo is developing compliance, data and marketing solutions to enable companies in highly regulated sectors like cannabis to scale effectively. Today, companies across the cannabis supply chain rely on Fyllo’s compliance-first solutions to navigate the industry’s ever-changing regulatory environment. For both cannabis and mainstream brands, Fyllo’s Data Marketplace provides unparalleled access to cannabis and CBD audiences, a lucrative and rapidly growing consumer segment.
“In 2021 demand for our products skyrocketed,” says Chad Bronstein, CEO and founder of Fyllo. “We couldn’t be happier to work with Eminence Capital, a trailblazing firm known for investing in innovative, high-growth industries. ”
The funds will be used to continue to invest in hiring top talent and for accretive acquisitions to enhance the company’s technology stack following the February 2021 purchase of retail and marketing platform DataOwl. Since the beginning of the year, Fyllo’s business has grown over 100 per cent, and its team has grown by nearly 275 per cent, with the addition of executives from Twitter, Salesforce and major cannabis brands.
“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,” says Ricky Sandler, Chief Executive Officer, Eminence Capital. “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.”
Additional participants in the round include JW Asset Management, K2 Asset Management, Ambria Capital, Arcadian Capital Management, Phyto Partners, and Salveo Capital. Concurrent with this raise, Kristopher Koka, Portfolio Manager, Eminence Capital will be joining the Company’s Board of Directors.