Jane Technologies Grabs $6M in Series A
SANTA CRUZ, CA, Retail tech company that has created the cannabis industry's first ecommerce marketplace, completed a successful Series A funding round of $6 million.
Jane Technologies, Inc., a retail tech company that has created the cannabis industry's first ecommerce marketplace, completed a successful Series A funding round of $6 million through private investors. This comes after the rapid growth and expansion of their marketplace (iheartjane.com) to nearly 500 dispensary partners across 19 states and US territories, in just over a year. The funding will help Jane continue to bring dispensaries both the latest technological advances and data analytics, while providing consumers a smarter, optimized shopping experience.
Jane launched in April 2017, and now boasts the world's largest real-time cannabis product inventory database. With the retail price of pot plummeting as low as $4.00 a gram in some markets, Jane increases dispensaries' revenue by helping consumers discover the products on their shelves through a convenient online shopping experience.
"Our team built the industry's leading online marketplace by transforming brick-and-mortar storefronts into profitable click-and-mortar retailers," said Jane CEO and Co-founder Socrates Rosenfeld. "Our $1 per order pricing model helps dispensaries make more money using tools that provide invaluable data, increase online and in-store traffic, improve customer service and save money on time-wasting multi-platform updates. This funding allows us to continue helping our dispensary partners grow their businesses and excel in the most competitive landscapes even where retail prices continue to fall."
Jane is the only cannabis software with proven real-time integration into any existing point-of-sale (POS) system and has done so in more than 35 existing POS solutions in the cannabis space. This allows product updates in a matter of seconds. Jane also has the world's largest real-time inventory product catalog, with more than 70,000 products.
"Cansortium and Jane Technologies share a mission to bring exceptional service and innovation to all customers," said Jose Hidalgo, CEO of Cansortium Holdings, which operates dispensaries in Florida, Pennsylvania, California, Washington and Puerto Rico. "We pride ourselves on being first-in-class in this industry, and Cansortium's integration with Jane gives our customers a seamless and convenient online ordering experience, while also reaching potential new users and additional markets."
Jane's consumer user base is growing 40 percent month over month, and they're spending more too. According to a study by Headset, the median spend for a cannabis consumer in a recreational dispensary is $33. The average cart size for a Jane customer is $73. And Jane customers have a higher retention rate as well - an average of 50% compared to the industry average of 40% (Headset).
"Cannabis is not only undergoing a profound change in public perception but also a change in the ability to build great companies and create a new industry," said Scott Stern, Professor of Management at the MIT Sloan School of Management. "Jane Technologies is at the forefront of the intersection between cannabis and technology, with breakthrough retail innovation with the potential to offer novel and lasting value to all participants in this emerging marketplace."
About Jane Technologies, Inc.
Jane Technologies, Inc. is a retail tech company that has created iheartjane.com - the cannabis industry's only complete online marketplace, providing consumers with a confident, safe and simple shopping experience. Users can browse local products in real-time, compare by price, proximity or popularity and place orders at local stores for free. Jane partners with dispensaries on a win-win basis; stores only pay for completed orders at a fraction of the price of other industry software. For more information, please visit us at www.iheartjane.com.
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