PORTLAND, Ore., Oct. 17, 2019 /PRNewswire/ -- Apex Trading, a Portland-based tech startup supporting the wholesale cannabis industry, just closed a Series Seed raise of $1.67 million. The round was led by 7thirty Capital and Welcan Capital, with participation from previous investors including SilverLeaf Venture Partners, and Panther Opportunity Fund.
Since raising its first round in 2018, Apex Trading has successfully established product-market fit, creating a scalable model serving 1,000+ companies, and is on track to facilitate more than $100,000,000 in transactions in 2020.
The company will use the funds to accelerate their current traction in cannabis and establish Apex Trading as a predominant national player beyond current operations in five states. Additionally, they will be launching Bushel44, a hemp-centric platform that will allow hemp businesses to streamline and standardize their workflows, flatten the supply chain, while delivering actionable data for making intelligent business decisions.
"As the markets mature, companies are eager for traditional business management software solutions. Our platform not only delivers on those needs, but leans on our 30 years of combined industry experience to solve the nuances and pain-points of wholesale cannabis supply chain," says Apex Trading CEO and founder John Manlove. "With hemp in its infancy, we're excited to leverage that technology to help this new industry, though on a much larger scale."
The Company is excited to partner with institutional investors such as Welcan and 7Thirty, who bring deep industry knowledge and relationships that align with the Company's vision.
"Apex Trading checks off all the boxes with a platform that drives efficiency for customers, years of experience in multiple markets, a track record of success, and leaders that constantly drive for innovation to stay one step ahead of the competition," says Vikas Desai of Welcan Capital.
"7thirty is excited to be part of the Apex Trading team," says Micah Tapman of 7thirty Capital. "John's built an exceptional management group with proven ability to execute in chaotic markets. We look forward to the launch of Bushel44 and expansion into new markets."
About Apex Trading
Apex Trading is an online wholesale platform featuring order, inventory and client management tools, custom storefronts and data-rich dashboards to help buyers and sellers operate more efficiently. The platform provides state-licensed cannabis cultivators, product manufacturers, distributors and retailers with easy-to-use tools and services and is disrupting conventional wholesale channels.
About 7thirty Capital
7thirty Capital provides a full range of capital services to investors and companies in frontier markets. Their team's hands-on approach to every deal means they know the ins and outs of the market from wholesale price dynamics to legal and regulatory challenges. 7thirty Capital works with leading companies to devise smart strategies to thrive in an ever-changing environment.
About Welcan Capital
Welcan Capital, a New York based venture capital firm, invests in high-impact, foundational companies in the cannabis industry nationally. Welcan focuses on early-stage and growth opportunities across plant touching and ancillary companies in the cannabis value chain.
For more information, visit www.apextrading.com. Follow @ApexTrading_CO on Twitter or @apex_tradingco on Instagram.
Contact: Rob Fess
SOURCE Apex Trading
These press releases may also interest you