Evolv Ventures, the venture capital fund of packaged food giant The Kraft Heinz Co., led a $23 million investment in Denver-based cannabis startup Flowhub Holdings LLC.
In an Oct. 15 release, Flowhub said Evolv Ventures led its series A funding round alongside venture capital firm e.ventures and Poseidon Asset Management LLC, a hedge fund that specializes in cannabis investments.
Flowhub said it also attracted investment from 9Yards Capital, former NBA commissioner David Stern and Iqram Magdon-Ismail, the co-founder and former CEO of Venmo LLC, among others.
Flowhub, which was founded in 2015, offers technology services for cannabis retailers including software for managing supply chain data, sales transactions, point of sale and inventory tracking.
The company works with more than 700 cannabis retailers and processes over $1 billion in cannabis sales every year, according to Flowhub's website.
"With this investment, we will continue to automate the cannabis supply chain, retail and reporting processes and bring to market technology solutions that are not only shaping the cannabis retail business but also driving forward the future of legalization and de-stigmatization," Flowhub founder and CEO Kyle Sherman said in a statement.
The startup's total funding has now reached $27 million.