William Sumner
Privateer Holdings has announced the completion of its Series C funding round. Raising more than $100 million, the new funding round brings the firm’s fundraising total to $200 million, making it the largest private capital raise closed in the cannabis industry to date.
Based in Seattle, Washington, Privateer Holdings is one of the largest cannabis-focused private equity firms in the cannabis industry, with a slew of notable portfolio investment; such as Leafly, one of the world’s leading cannabis website and mobile applications, and Marley Natural, the officially licensed Bob Marley cannabis brand.
The company hopes to use its newfound funding to finance the expansion of its portfolio brands into new markets, launch new business endeavors, and make critical acquisitions. With an investor base comprised of high net worth individuals, the company’s funding rounds have been ever increasing in size.
Series A, which closed in July 2013, the company initially raised $7 million. Series B closed in March 2015 and brought in $75 million, and in November 2016 the company brought in $46 million in convertible note financing.
Privateer Holdings Founders Make $5 Million Equity Pledge
In addition to raising more than $100 million in Series C Financing, company founders Brendan Kennedy, Michael Blue and Christian Groh also announced that they will donate a portion of their personal shares to assist communities negatively affected by cannabis prohibition and called on founders and executives in other cannabis companies to do the same.
The holdings are currently valued at approximately $5 million and are expected to increase in value over time as the company’s own value increases. The equity pledge will go towards supporting organizations that are dedicated to addressing the social and economic injustices of cannabis prohibition; which includes funding campaigns to legalize cannabis and medical research.
In a joint statement, Kennedy, Blue, and Groh condemned cannabis prohibition as a waste of taxpayer money and pledged themselves to undoing the damage of cannabis prohibition.
“Our hope is that the value of our pledged shares will grow to be worth tens of millions of dollars over time. We also hope that leaders of other companies within the industry will join us in making similar charitable commitments to repair the harms created by prohibition,” read the statement.
