What is springbig?
Founded in 2016, springbig operates within the burgeoning cannabis technology sector, offering a Software as a Service (SaaS) solution tailored for customer relationship management (CRM) and loyalty marketing. The company's platform is designed to help cannabis dispensaries enhance customer engagement, streamline marketing efforts, and build brand loyalty in a highly regulated and competitive market. By providing specialized tools, springbig aims to empower dispensaries to optimize their operations and customer outreach.
How much funding has springbig raised?
springbig has raised a total of $20.9M across 4 funding rounds:
Series A
$5M
Debt
$350K
Series B
$11.5M
Stock Offering
$4M
Series A (2018): $5M with participation from Altitude Investment Management
Debt (2020): $350K led by PPP
Series B (2020): $11.5M supported by Key Investment Partners, TVC Capital, Salex Capital, Halley Venture Capital, and Argonautic Ventures
Stock Issuance/Offering (2023): $4M, investors not publicly disclosed
Key Investors in springbig
Argonautic Ventures
Argonautic Ventures is a venture capital firm focused on building data-centric companies, particularly in financial technology, construction technology, and computational biotechnology. They invest at the pre-seed to seed stages, providing capital and strategic support to teams aiming to redefine outdated workflows across various industries.
TVC Capital
TVC Capital is a growth equity firm based in San Diego, CA, specializing in investments and acquisitions of software companies and software-enabled service firms. The firm focuses on innovative B2B software companies, partnering with exceptional management teams to accelerate growth and maximize value.
Altitude Investment Management
Altitude Investment Management specializes in investing in foundational companies within the emerging global cannabis industry. With over 100 years of combined experience in alternative asset fund management and investment banking, the partners leverage their extensive knowledge and connections to navigate the rapidly evolving cannabis market.
What's next for springbig?
With its recent major strategic investment and a history of consistent capital raises, springbig appears poised for accelerated growth. The company's trajectory suggests a focus on scaling its operations, expanding its market reach, and potentially enhancing its platform's capabilities to meet the evolving demands of the cannabis industry. Future developments may include deeper integration with other cannabis tech solutions, further refinement of its loyalty program features, and strategic partnerships to solidify its position as a leader in cannabis CRM and marketing technology.
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