Cannabis Cultivation Software Company Trym Raises $3.1 Million in Seed Funding
More VC money is flowing into the cannabis software space.
California-based Trym, which sells management software to cannabis growers, has raised a combined $3.1 million in seed funding from friends, family and several venture funds.
Trym announced Tuesday that 7thirty Capital and Delta Emerald Ventures co-led a preferred round totaling $2.1 million. Welcan Capital, Arcview Collective Fund and others also participated in the round, which Trym said was oversubscribed.
Another $1 million came from family and friends, the company said.
In a news release, Trym co-founder and CEO Matt Mayberry called the investment group a “perfect match” with the company’s “DNA.”
“They understand that connectivity is the future of cannabis agriculture and that to stay in the game, commercial cultivators have to closely track and manage all aspects of their business,” he said. “A disruption is happening in the market and we’re helping to drive it.”
Trym’s investors have a history of backing notable cannabis firms.
7Thirty Capital counts lists cannabis data firm BDSA and CBD-infused food and beverage maker Weller in its portfolio of cannabis investments. The firm also invested in Flourish, a cannabis software that tracks product from seed-to-sale and helps cultivators with purchasing, inventory management, order fulfillment and retail operations.
For its part, Delta Emerald Ventures has backed the Henry’s Original cannabis brand and Jane Technologies, which makes e-commerce software for dispensaries and closed a $21 million series B funding round last July.
“The growth opportunity in the cannabis cultivation software market is very exciting for us,” said 7thirty Capital partner Micah Tapman via the release. “We have watched Trym grow since 2019, and their progress has been exceptional. We are delighted to participate in this round.”
Tapman said he believes Trym is “disrupting cannabis cultivation with a comprehensive software platform that streamlines business and connects the whole team for more efficient farm management.”
According to Trym's website, its software can “increase consistency,” “improve communication,” and help cannabis firms “maintain compliance.” The company’s software integrates with Metrc, a regulatory system used in 14 states and Washington D.C., that tracks cannabis products from seed-to-sale and helps ensure a safe and secure supply chain.
The company's news release notes that it currently operates across 14 states and works with more than 80 cultivators and multistate operators.
Trym’s raise comes at a time when investors are pouring millions into the marijuana tech space.
In August, Oregon-based e-commerce provider Dutchie landed $35 million in Series B funding from several high-profile investors, including rapper Snoop Dogg, NBA star Kevin Durant and former Starbucks chairman and CEO Howard Schultz. Dutchie has raised $53 million since it launched in 2017.
Meanwhile, Florida-based Springbig — which provides cannabis brands with software to communicate directly with customers via targeted MMS and SMS messages — also raised $11.5 million in Series B funding last month. Springbig had previously raised 11.3 million, and the Series B round brought its total funding to $22.8 million.
Another cannabis tech platform, called Fyllo, raised $10 million last month as part Series A2 round, bringing its total funding to $26 million.
Around the same time, alcohol delivery platform Drizly, which recently expanded into the marijuana sector via the launch of Lantern, hauled in $50 million in Series C funding which will be used in part to fuel the growth of its cannabis delivery service.
In July, New York-based LeafLink — which connects cannabis brands to retailers via an online marketplace — secured $250 million in debt financing through its finance division to provide liquidity to licensed cannabis businesses throughout the supply chain.
Earlier this year, cannabis retail management platform Greenbits raised $23 million.