Banking & Finance

Jane Technologies Raises $100 Million, Has Big Plans For The Future

Jane Technologies Raises $100 Million, Has Big Plans For The Future

Jane Technologies announced a $100 million Series C financing round bringing its total money raised to $130 million since its founding in 2015. It’s anticipated that Jane Technologies will use this new capital to build new features and expand its product offering for large and small cannabis operations as well as growing its digital footprint and expanding its teams across multiple areas of operations.

“We feel extremely fortunate to be born from the cannabis industry where there was no direct consumer ecosystem,” Rosenfeld said. “And we had to go and figure out a way to connect and tie the consumer to the brand and the retailer. We couldn’t do that by shipping products directly to the consumer, and we couldn’t do that by competing against the retailer; we had to work in partnership with our retail partners to provide them with powerful e-commerce enablement tools.”

Jane Technologies’ strength and success spring from its vision and strategy. Socrates Rosenfeld, Jane Technologies co-founder, and CEO, says the future of e-commerce is not a marketplace, but the digitization of all commerce. Jane builds the backends for dispensaries to take their cannabis products online.

“Over the last 25 years I’ve spent working with e-commerce companies, few have become enduring global platforms,” said Honor Ventures founding Managing Partner, Jeffrey Housenbold. “Jane has all the right ingredients to become the next eBay or Shopify. They are creating a win-win for all constituents in the ecosystem – brands, retailers, and consumers all benefit from their platform and trust Jane to be the go-to service provider to build the future of cannabis commerce on a global basis.”

As the world shut down in the face of the COVID-19 pandemic, online sales blossomed. Prior to the pandemic only 17% of legal cannabis sales were done online. At the height of the pandemic, online sales reached 52%. Currently, online sales account for 38% of all legal cannabis sales.

“I think we are really seeing the next chapter of what the future of e-commerce will look like not just in the cannabis industry, perhaps across the world with various retail verticals like alcohol, convenience goods, restaurants, and groceries,” Rosenfeld said. “Local establishments [now have] some digital connective tissue to their local community, and I don’t think there’s a more challenging environment than the cannabis industry.”

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