Cannabis Dispensary SaaS Provider Baker Technologies Raises $3.5M – PYMNTS.com


Is the way March will end for the Investment Tracker, not with a bang but a whimper?

In the period that ended March 17, investment activity could only be termed anemic. The week saw only $159 million in fund flows, with no triple-digit deals seen at all. The B2B space took sway in the period. All told, activity measured barely a sixth of the previous week’s.

ProducePay, which buys farmers’ crops at a slight discount and sells them on marketplaces and then returns profits to farmers (taking a slight discount), got $77 million in debt and equity financing from CoVenture. The total package was $7 million in equity financing, with the remainder in debt. Several existing investors also were also tied to the financing. The funding will help with upfront capital provided to those farmers.

Within banking, SolarisBank garnered $28 million, with venture capital provided by Arvato Financial Solutions, among others, which will be taken to expand the European technology platform, furthering geographic reach.

Cannabis Dispensary Software-as-a-Service Provider Baker Technologies Raises $3.5M

When Baker Technologies cofounder and CEO Joel Milton looked at the growing recreational cannabis industry in Colorado, one of the first things he noticed were long lines.

“Being in New York at the time,” Milton said, “we were used to everything on-demand — ordering food, calling an Uber.”

Founded in 2014, Baker Technologies began as a tool to allow recreational cannabis customers to order ahead online. And while this functionality remains a pivotal part of Baker’s tool set, it’s far from the only focus.

The founders studied how the Colorado cannabis market grew. (Hint: It grew rapidly.) Hundreds of businesses sprung up, all competing for the same end users with similar product catalogs. Now, Milton said, there are more cannabis dispensaries in Denver than there are 7Eleven and

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