Tiger Global, a New York investment firm that was an early investor in companies including Facebook, LinkedIn, and Zynga, sees big potential in the world of cannabis.
The company was the lead investor in a $17 million Series A round for Green Bits, which supplies software to marijuana merchants. Also joining in on the round was Casa Verde Capital, a venture capital firm owned by Snoop Dogg.
The announcement comes just days after former Speaker of the House John Boehner announced he has changed his stance on marijuana.
This brings Green Bits’ total funding to $19.3 million and is one of the biggest steps by a traditional VC firm into the marijuana industry. Green Bits says it plans to use the money to expand to new territories and speed up development of its sales, marketing, and product tools.
The company has a client base of roughly 1,000 dispensaries in 12 states.
Tiger Global is extremely secretive — no website, no interviews — but it has a track record most VCs envy. It hasn’t been in the news as much of late, but it’s still a respected enough firm to add legitimacy to the burgeoning cannabis industry. Casa Verde, founded by Snoop Dogg in 2015, specializes in funding early-stage companies that focus on the marijuana industry.