People love convenience, and pot delivery services are filling those demand. Now those delivery businesses are getting some very green backing—in the form of multimillion-dollar investments.
Eaze, an on-demand pot delivery service, recently raised a cool $10 million thanks to a group of investors led by DCM Ventures, Fresh VC, 500 Startups and Snoop Dogg’s Casa Verde Capital.
Eaze, based in San Francisco, was one of the first pot companies to get support from institutional investors, who, up until now, have been reluctant to invest in the industry. Those days are coming to an end as all things marijuana are squeezing their way quietly into the mainstream. For example, DCM Ventures, based in Asia and California, is a $2.5 billion venture capital firm that invests in seed, early and mid-stage start-ups, usually in the tech industry. However, DCM was the first company to give seed money, pardon the pun, to Eaze when it started up last summer, with a $1.5 million investment.
“At the time we invested in the seed, we had a thesis the medical marijuana market would continue to grow…Things accelerated much faster than we had anticipated,” Kyle Lui, a principal at DCM, told Quartz. (*1)
Referred to as the “Uber for weed,” Eaze’s founder and CEO Keith McCarty, says the company works with “only the best” dispensaries and has narrowed products down to flowers, edibles, and concentrates, most commonly purchased by users. (*2)
McCarty added that since its launch, Eaze it has made more than 30,000 deliveries.