We are pleased to announce that Baker has recently raised $8 million in in Series A funding. This latest round brings our total capital raised to $11.75 million, making Baker one of the most funded companies in the cannabis space.
This round, led by Poseidon Asset Management, a Venture Capital firm that specializes in cannabis, will fuel Baker’s continued growth across the nation with an emphasis on California, Washington, and Oregon.
As the top loyalty, messaging, and online ordering platform for dispensaries, we have seen tremendous growth this past year. This latest round speaks to Baker’s commitment to the industry and our customers. We are focused on expanding the Baker platform to enable us and our partners to offer the best solutions for cannabis retail.
At the beginning of 2017, Baker was a team of 18 people. Today, we stand at 55 employees and continue to grow the team and our footprint. We now have regional offices in the Seattle and Los Angeles to serve our customers and strategically grow the business. To help lead the charge, we are proud to share some of the recently added executives to the crew: VP of Product (Bryan Dehmler-Buckley), VP of Marketing (Kate Farmer) and VP of Strategy (Ryan Porter).
So what does this mean for our clients? With our Series A funding, we’ll even be even more focused on driving value from increasing support to more innovative features at a faster pace. Having the largest development and support teams in the industry by far, we at Baker strive to raise the bar for cannabis technology.
Founded in 2014, we graduated from notable startup accelerator 500 Startups and have come a long way. Since the beginning, we created products to help dispensaries grow their revenue. Today, Baker is used by more than 800 dispensaries in 16 states. With over 3 million customer check-ins on the Baker platform last quarter alone, on average clients see a 40% boost in average order size, and a 300% ROI in just six weeks. Baker works with a range of clients from long-standing dispensaries such as Harborside in California, to chain brands like Native Roots, to community dispensaries such as The Farm in Boulder. No matter the size of the dispensary our goal is the same — empower our clients to increase their revenue by connecting, engaging, and retaining their customers.
The retention struggle is a critical issue for dispensaries and it will be the key for survival in the long-run. It costs 7x more to acquire a customer than to bring one back. With limited tools and industry restrictions, many dispensaries are trapped in a customer acquisition cycle. With the industry growing at a rapid pace, there is a lot of noise. We know it can be difficult for dispensaries know what retention marketing tools can actually help them. That is where we at Baker stand to help.
At Baker, we operate with the customer as our top priority. We don’t believe in hidden fees, misleading marketing, and unclear integrations. We stand behind our product. We aim to create a more open approach across the industry. We are confident this is the best approach for business and customers in the long run.
This is just the beginning.