Cannabis market research firm BDS Analytics has raised $3.5 million in Series B funding led by CanopyVentures and Altitude Investment Management. Roy Bingham, BDS Analytics founder and CEO, said the funding put the company in “a very strong position to execute the national expansion” of their GreenEdge software.
GreenEdge, a sales tracking software, allows BDS “to generate actionable insights pulled from dispensary point-of-sale system and closely study the behaviors and psychographics of cannabis users through its Consumer Insights Group.” Bingham said it would allow the CIG services to be available to a “much broader client base.”
“BDS Analytics graduated from our affiliated accelerator, CanopyBoulder, in 2015 and has since done an exceptional job positioning itself as a go-to source for industry data on market trends, brand development and consumer insights.” – Micah Tapman, managing director of CanopyVentures, in a press release
“We are very impressed with the management team. Based on extensive experience in other industries, BDS Analytics has developed proprietary software and services that provide its clients with really useful data and insights. Its value is reflected in the rapid growth and diversification of the BDS Analytics client base.” – John Brecker, partner of Altitude Investment Management, LLC, in a statement
The round also included follow-on investments from existing investors and from the Panther Opportunity Fund.