GrowerIQ raises oversubscribed seed round of $3M to fuel continued growth and product development
TORONTO, ONTARIO – September 13, 2022 – GrowerIQ, the leading cannabis enterprise resource planning (ERP) platform, today announced it recently closed an oversubscribed $3 million Seed round. The round was co-led by Golden Section and MaRS IAF, with participation from LAGO, Delbridge, GTM Fund and Gaingels.
Non-cannabis ERP systems don’t work for cannabis production, so producers are stuck using Excel or outdated software that do not talk to each other. This makes it hard to gather data for compliance reporting or analysis.
GrowerIQ was founded to help cannabis companies simplify operations, stay compliant and leverage data to improve their bottom line. The company’s ERP includes modules for cultivation, manufacturing, warehouse, CRM, orders and quality management.
Launched in 2020, GrowerIQ has become the go-to solution for cannabis businesses of all sizes, with customers in more than a dozen countries. The company has been credited with driving significant operational efficiencies and savings for its customers.
We see GrowerIQ as a pioneer in this space, at the very start of a considerable growth industry and we believe they are well positioned to capture a dominant share in the space.Nicole Barry, CFO, MaRS Discovery District
“This funding allows us to heavily invest in our tech and continue building the most comprehensive cannabis management platform on the market,” said GrowerIQ founder and CEO, Andrew Wilson. “We’re thrilled to have the support of such experienced investors as we grow our business and help more cannabis companies streamline their operations.”
“We invest in founders who have subject matter expertise and vision” said Golden Section Executive Director, Andrew Smith. “The company’s leadership certainly meets those criteria, as it seeks to solve a major pain point in an emerging industry that will help businesses be more efficient and compliant on a global scale. The impressive customer base and track record of success, coupled with a focus on capital efficiency and product quality, make this a natural fit for our portfolio. We’re excited to partner with GrowerIQ as they scale their business and continue innovating.”
The MaRS IAF team said that “The GrowerIQ team impressed us with their deep understanding of the customers and market, and how their needs informed the product development. Throughout the process the team continued to execute on their go to market strategy and consistently drive strong growth. It was quite clear that GrowerIQ was solving a very meaningful problem for their customers. It’s been great to work with the team and we look forward to being part of the growth journey.”
GrowerIQ is the operational backbone ERP that unites the fragmented systems required by cannabis production facilities around the world. The company now powers facilities in more than a dozen countries, and four languages – enabling true seed-to-sale traceability. For information, visit www.groweriq.com.
About Golden Section
Golden Section is a Houston-based venture capital fund started by experienced business software founders that invests in early-stage B2B SaaS companies. The fund aims to partner with founders, pre-seed to post sale, through a differentiated offering to reduce confusion and chaos, augment team expertise, with an emphasis on capital efficiency, balance, and revenue growth. Our mission is to journey together with founders towards their meaningful exit. www.goldensection.com.
About MaRS Investment Accelerator Fund
MaRS Investment Accelerator Fund (IAF) is a leading seed stage fund investing in high-potential IT, health, and cleantech companies. IAF has, over a 10-year history, partnered with 150+ founders building world-class companies. www.marsiaf.com.
For Further Information:
GrowerIQ leverages proprietary machine learning algorithms to improve facility automation and provide producers with insights to improve quality and consistency. GrowerIQ is changing the way producers use software - transforming a regulatory requirement into a robust platform to learn, analyze, and improve performance.
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