Eyechronic, a leading marketing platform for cannabis dispensaries and brands, today announced it secured $3 million in Series A funding from Tuatara Capital, L.P., a specialized alternative investment manager focused on supporting high-growth companies in the legal cannabis industry. The new funding brings Eyechronic's total amount of capital raised to $5.25 million, making it one of the most well-funded technology companies in the cannabis industry.
This round will help to accelerate Eyechronic's growth and position the company to penetrate new markets including California, which launched its adult-use cannabis program on January 1, 2018. "In its first year of operations, Eyechronic has partnered with nearly 300 retail outlets across 16 states," said co-founder and CEO, Jeremy Jacobs, "Imagine what we will be able to achieve with this new round of funding and these new strategic relationships. The sky is the limit."
The in-store media company, backed by retail technology giant Eyeconic.tv, delivers their consumer engagement focused approach to help dispensaries match the look and feel of modern technology-driven retail, while at the same time maintaining their unique identity, helping to educate customers/patients, and provide an immediate positive impact on retail partners' revenue. Beyond the retail channel, the Eyechronic platform also offers brands nationwide with the unique ability to reach a targeted demographic with video advertisement right at the point of sale.
Al Foreman, Chief Investment Officer of Tuatara Capital, L.P. added, "We are excited by the innovation that the Eyechronic technology platform brings to the legal cannabis industry. Eyechronic provides dispensary owners insight into the buying preferences and engagement level with their customers, and offers brands of all types an efficient platform to target the fast-growing and diverse cannabis consumer. We look forward to working with the Eyechronic team to continue the rapid growth of their digital out of home network and to help expand their strategic relationships with traditional brands and advertisers."
Eyechronic will use its Series A funding to continue to expand its network footprint and is expected to add several hundred new retail locations in the U.S. in 2018.
For more information about Eyechronic please visit eyechronic.net.
Eyechronic is an ad-based television network broadcasting real-time content on large television screens placed in legal cannabis dispensaries across the U.S. Armed with a decade of experience in digital signage, the Eyechronic network is bringing professional grade media technology to the cannabis industry. Eyechronic has spent years tailoring its content loop to the diverse cannabis consumer and needs of its location partners. The network content is intended to maximize effectiveness, increase revenue and awareness and keep customers engaged through social media walls, trivia questions, weekly educational segments and recent news relevant to the cannabis community.
About Tuatara Capital:
Tuatara Capital, L.P. is a specialized alternative investment manager founded in 2014 to focus on the legal cannabis industry. Tuatara manages over $108 million in cannabis-focused assets and is currently investing in market-leading companies that are well-positioned to benefit from the long-term growth trends of the legal cannabis industry. Tuatara's investment philosophy revolves around partnership with innovative entrepreneurs and great management teams to help build high-growth companies. For more information, please visit www.tuataracapital.com.