Fyllo, the world’s first MarTech platform for the cannabis industry, today announced it has raised $16 million in startup financing from a list of premier institutional and venture capital investors. Fyllo’s seed round financing, the highest ever among Midwest startups, gives it a strong start as a leading provider of cannabis-compliant advertising and analytics for the fast-developing cannabis industry.
Fyllo’s seed round financing is led by JW Asset Management and Canadian-based K2 & Associates, with other investors also making commitments. JW Asset Management is the well-known early-stage investor behind several of the hottest companies in the cannabis space including TerrAscend and Canopy Rivers. Jason Klarreich, managing director of JW Asset Management, will assume a seat on Fyllo’s board of directors.
Fyllo intends to use its initial funds to expand its technology platforms and add personnel to meet operational needs. In addition to its Chicago headquarters, Fyllo has offices in Los Angeles, Denver, New York, Toronto and Tel Aviv, with expansion planned for Las Vegas, Phoenix, and Cleveland. The company anticipates more than doubling its staff in the next several months.
“Fyllo has made a running start by assembling a team of executives that is highly adept at early-stage growth,” stated Chad Bronstein, founder and CEO of Fyllo. “We’re confident that our intellectual property, technology stack, and go-to-market strategy will result in exceptional value for cannabis brands and mainstream publishers alike.”
In addition to Bronstein, most recently chief revenue officer for Amobee, the largest privately owned AdTech platform, Fyllo’s executive team includes:
- Brent Skoda (founder/chairman), former chairman/CEO, Vapergy Holdings, LLC
- Aristotle Loumis (co-founder/chief innovation officer), former president/founder, Marcus Lemonis E. Group
- Michael Chock (co-founder/chief operating officer), former executive vice president, MEDIA iQ Digital
- Erik Shani (co-founder/chief product officer), former SVP/brand intelligence solutions, Amobee
- Conrad Lisco (chief marketing officer), former SVP Marketing, Amobee
- Nicole Cosby (chief data & compliance officer), former SVP Standards & Partnerships, Publicis
“We are excited to partner with Fyllo as they address a major unmet need for the cannabis industry,” commented Klarreich. “Chad has built a great team with the experience and talent to deliver superior marketing solutions to companies across the cannabis industry.”
Through its proprietary technologies, Fyllo offers an important solution that enables online publishers and cannabis brands to meet compliance requirements on a large scale. Powered by its data and analytics engine CannaBrain™, the company supports data analytics, ad campaign management, measurement/reporting, and a range of creative management services for better brand targeting and reach across all devices and channels. Endemic and non-endemic publishers can also use the company’s services to create and monetize data and inventory that is compliant with cannabis regulations on a state-by-state and market-by-market basis.
To learn more about Fyllo, visit www.hellofyllo.com.
Fyllo is the world’s first MarTech platform for the cannabis industry. Fyllo’s CannaBrain™ marketing technology ingests and interrogates billions of data points, allowing brands to safely build and execute advertising campaigns while also enabling publishers to create and monetize compliant ad inventory. As a first mover in the industry, Fyllo’s pioneering technology makes compliance at scale possible, helping the world realize the full potential of cannabis. Visit www.hellofyllo.com.
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Source: PR Newswire (September 4, 2019 – 9:02 AM EDT)
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