Hoodie Analytics, a data firm that helps cannabis companies get better insights into the market, announced it raised $5 million in Series A funding.
Inside the deal: Hoodie’s investors include TechNexus, Arcview Ventures Seed Fund, Arcview Collective Fund and Greenlight Invest. The round was led by Measure 8 Partners with follow-on from Entourage Effect Capital and Satori Investors.
Hoodie said in the announcement it is looking to raise another $1 million in follow-on funding.
What they do: Hoodie helps cannabis brands with price comparisons and gives sales insights on product stocking to make sure store shelves don’t sit empty. For dispensaries, Hoodie’s data helps them better buy and price their products and get more insight into their competition. Its goal is to give cannabis firms the same level of insights traditional consumer packaged goods companies are equipped with.
Big names: Hoodie’s customers include Belushi’s Farm, the cannabis grower from actor and entrepreneur Jim Belushi. Belushi also cut a video promo for Hoodie explaining how his farm uses the startup. Hoodie also announced that it added David Navama, the co-founder of Vitamin Capital and former president and chief innovation officer of SPINS, to its team.
They said it: “Only Hoodie provides granular market data down to individual dispensary level for brands and operators,” Wes Shepherd, CEO and Chairman of Hoodie, said in a statement. “We help them position their product in front of their target audiences to maximize sales and success.”