Jane Technologies secures $21 million in funding
Jane Technologies, Inc., the retail software company with the largest online cannabis marketplace, iheartjane, has secured $21 million in Series B funding.
The company announced the results from the latest round of funding Tuesday morning.
According to a press release, the additional capital will, “allow Jane to expand its online marketplace to international vendors, bolster its data analytics platform, and deliver data to other industries. The funds will also enable Jane to continue to advance its e-commerce platform of more than 150,000 products with real-time integration into point-of-sale systems.”
In October 2018 Jane announced $6 million in Series A funding, which the tech company used to expand and grow its technological advances and data analytics while providing consumers an optimized shopping experience.
Jane currently partners with over 700 vendors across 21 states.
“In a world dominated by major multi-national online retailers, we’re bringing together innovative technology to support local businesses, and connecting customers to wellness benefits in their region,” said Founder and Chief Executive Officer, Socrates Rosenfeld. “Expanding to global markets is key for Jane as we continue to pioneer the industry and grow an industry-leading team. By helping cannabis companies in the U.S. and overseas, we are localizing the online sales process by bringing together dispensaries, brands, and consumers through automation.”
According to internal data from Jane, consumers spend double the amount online that most spend in a face to face transaction at a brick and mortar location.
Additionally, consumers who purchase CBD spend 50% more than those who do not. According to their statistics, online cannabis shoppers spend $206 monthly compared brick and mortar shoppers who spend $122 per month on average.
“We’ve seen Jane effectively support some of the largest retail clients in the country and are pleased to partner with the software innovator so they can grow exponentially,” said lead investor Nick Deans of Pakala Jane Partners. “The online retail marketplace allows Jane to promote local businesses and increase sales with larger shopping cart purchases while keeping transaction costs down.”
Ian Dominguez of Delta Emerald Ventures sees significant value creation opportunity in Jane’s consumer-centric data. “Jane’s purpose-built platform will continue to drive operational improvement for the cannabis industry. In addition, the Jane platform translates across many industries, making Jane as a whole, the future of omnichannel data.”
“Within the rapidly evolving cannabis space, Jane’s insights as the largest facilitator of e-commerce in the industry are invaluable to its partners, particularly for brands seeking to establish and position themselves within an increasingly crowded marketplace,” said Jason Adler, Managing Partner of Gotham Green Partners. “This investment provides resources for building additional infrastructure and proprietary interfaces to help cannabis businesses worldwide to maximize their potential.”