BDS Analytics, the leader in comprehensive, actionable, and accurate cannabis market intelligence and consumer research, today announced that the company held an initial closing of $7 million in new financing, led by KEY Investment Partners, Altitude Investment Management, and 7thirty, with participation from other investors. Additionally, Pete Karabas of KEY Investment Partners will be joining the board of directors alongside existing representatives from Altitude and 7thirty.
BDS Analytics will use the capital to expand coverage of emerging cannabis markets, with a focus on providing a holistic view of the global cannabinoid market (cannabis and CBD). The team will also strengthen its operating infrastructure with investments in machine learning, marketing and sales, and strategic partnerships.
“As the global cannabis economy continues to expand, it is imperative that we’re able to scale alongside it to remain an indispensable asset for key decision makers in the industry,” said Roy Bingham, CEO and Founder of BDS Analytics. “We’re excited about this new round of funding, which will allow us to further enhance our GreenEdgeTM platform and expand our capabilities to the entire addressable cannabinoid market.”
The GreenEdgeTM platform incorporates thorough and up-to-date dispensary sales data, industry intelligence and consumer research with a 360-degree perspective of the cannabinoid market. Savvy clients use the GreenEdgeTMplatform to find the top-selling brands and products (Retail Sales Tracking), plan geographic expansion (Industry Intelligence), and understand their consumer’s needs and wants (Consumer Insights). GreenEdge is the industry’s leading business intelligence platform with over 4 years of historical data.
“We are extremely impressed with what the BDS Analytics team has accomplished since the company was founded in 2015. BDS Analytics provides a critical service to the cannabis industry today that did not exist just a few years ago. As the players in the cannabis industry continue to grow and become more forward-thinking, BDS Analytics’ data and analytics tools will become a necessity for any company looking to maintain its competitive edge. The KEY team could not be more excited to work closely with BDS Analytics to expand the platform, grow the business, and cultivate new relationships, while further establishing the company as the premier market leader in data analytics for cannabis,” says Tiby Erdely, Founding Partner of KEY Investment Partners.
Additionally, BDS Analytics is pleased to announce the appointment of Micah Tapman, Managing Partner and co-founder of 7thirty, as chairman of BDS Analytics. Through CanopyBoulder, a seed-stage accelerator program for ancillary companies in the legal cannabis industry, Mr. Tapman was an early investor in BDS Analytics and has had a hand in advising the company ever since. In his role as chairman, Mr. Tapman will use his technology background to help lead the next generation of technical innovation and operational efficiencies.
“I am thrilled to be taking on a more formalized role within the company, which has demonstrated its market value time and time again,” said Mr. Tapman. “No industry can survive without hard data to drive business decisions, and that is what has been most appealing to me since day one. BDS Analytics found an opportunity and capitalized on it, which from a VC perspective demonstrates pragmatic leadership and lays the groundwork for successful long-term operations.”
“We’ve seen BDS Analytics surpass its’ milestones and are proud to be co-leading this round of financing as it continues to grow. It’s an exciting time for the company as it expands product lines into new geographies, grows its industry-leading team, and improves its cutting-edge technology and services,” said John Brecker, Partner at Altitude Investment Management, LLC.