Silicon Valley is definitely warming to the idea of cannabis. Major interest from tech giants like Microsoft talking seed-to-sale cloud software and a former Facebook founder’s sizable backing of a legalization effort in California are all just the tip of the iceberg for new high-tech money pouring into marijuana.
And now reports from Eaze – the San Francisco-based company that helps users access medical marijuana quickly and securely via a network of professional providers – is announcing the completion of a $13 million Series-B financing round. The recent funding makes Eaze the fastest growing and most funded cannabis technology company in the world with more than $25 million in overall capital investment.
“This is a critical time for the marijuana industry,” says Eaze CEO Keith McCarty, who notes that adult use of cannabis is on the precipice of becoming legal in California, the nation’s largest legal marijuana market. “Eaze is setting a new standard for accessibility, safety and professionalism, which makes it best positioned to educate and service the future market.”
Patients can currently use Eaze technology from any connected device to safely and discreetly order and obtain deliveries from Proposition 215 compliant dispensaries. Eaze technology has powered on-demand dispensary deliveries to hundreds of thousands of medical marijuana patients in nearly 100 California cities. Launched in 2014 by McCarty, Eaze was the first company to allow patients to access medical marijuana from dispensaries using an on-demand process. Their technology helps premier dispensaries automate three aspects of operations that have historically been challenging without such technology: delivery logistics, real-time inventory and business intelligence insights.
The fresh round of funding for Eaze saw participation from DCM Ventures – headquartered on the infamous venture-cap-rich Sand Hill Road – as well as investment firms Tusk Ventures, Winklevoss Capital and Rose Capital.
“In an incredibly short period of time, Eaze has led the charge into an industry projected to grow from $7 billion this year to $50 billion by 2026,” said David Chao, general partner at DCM Ventures. “While many traditional VCs were reluctant to invest three years ago, Keith [McCarty’s] tech background and commitment to professionalism and compliance made the investment a no-brainer.”
Chao says DCM invested in Eaze at the seed stage, preemptively leading their Series A funding, and made a significant Series B investment. He says the investor will “continue investing in Eaze as it continues to exceed our expectations.”
Connecting patients with dispensaries and providing logistics technology that enables dispensaries to deliver medicine in less than 20 minutes has been a game changer for California MMJ patients. The company also offers EazeMD, a service which connects California residents with board-certified doctors to receive an evaluation on-demand through its mobile and online platforms.
Eaze’s extraordinary reach has allowed unprecedented access to data and insights into medical marijuana patient demographics, preferences and behaviors – information that equates to personalized experiences for patients and gives manufacturers an edge to create better products for users.
As the cannabis legalization dominoes continue to fall across the U.S., Eaze is perched to continue setting new standards for technological innovation, customer experience, legal compliance and transaction transparency nationwide.
“We’re thrilled with the growth we’ve achieved,” says CEO McCarty, “and are poised to accelerate as the market hits an inflection point.”
Have you used Eaze services to access cannabis on demand?