Marijuana start-up accelerator CanopyBoulder raises $2 million
CanopyBoulder raised over $2 million to invest in seed-stage marijuana-related start-ups. The fund will make approximately 20 investments of up to $70k in 2016.
Boulder, Colorado (PRUnderground) March 18th, 2016
CanopyBoulder™ raised a $2 million fund to invest in two classes of startups in 2016, all of which will launch ancillary products and services companies in the legal cannabis industry. In addition, the Canopy accelerator launched a Spring class on February 29th with a an event benefiting the Marijuana Policy Project and featuring Mason Tvert, Marijuana Policy Project Communications Director.
“ArcView and Canopy joined forces in 2014 to generate a meaningful impact on the future of the cannabis industry through business and investment. In the rapidly growing cannabis industry, it takes a strong team of mentors, advisors and contacts to navigate successful launches. This is a primary benefit to the teams that Canopy can offer,” said Troy Dayton, CEO and Co-Founder of The ArcView Group and Partner in Canopy.
Ten additional early stage companies joined the Canopy ecosystem of mentors, advisors, alumni and investors. The companies include VaporSlide, Front Range Biosciences, iDro, Quantified Vapor, PenSimple, Stashbox, Trellis Research Group, Wurk, SPARE and weeGrow. The spring cohort will present at two official Demo Days – May 17th in Boulder and June 18th in Oakland preceding the ArcView Investor Forum and National Cannabis Industry Association Cannabis Business Summit.
“The 2015 CanopyBoulder alumni raised more than $10 million in capital to support their operations and we have high expectations for the 2016 classes,” said Canopy co-founder and CEO, Patrick Rea. “These entrepreneurs will be some of the hardest-working people in the cannabis industry for the next 4 months, and though success is never guaranteed, investors have rewarded strong teams, exciting innovations and qualified founders.”
The ArcView Group
CanopyBoulder™ is a seed-stage business accelerator investing in ancillary products and services in the legal cannabis industry. Hand-picked companies receive up to $70k in seed funding, participate in a 16-week mentor-driven bootcamp, and gain critical knowledge of the industry in return for a 6-9.5% equity stake.
Canopy™ is partnered with The ArcView Group.
Founded in 2010, The ArcView Group is responsible for a number of groundbreaking ventures in the cannabis industry. The ArcView Investor Network includes more than 500 dues-paying accredited investors who have invested more than $65 million behind 105 companies. ArcView Market Research produces the State of Legal Marijuana Markets report, the most oft-cited market data report. ArcView is also co-founder of Cannasure Insurance Services, the leading provider of business insurance to the cannabis industry. For more information please visit www.arcviewgroup.com.
Original press release: http://www.prunderground.com/marijuana-start-up-accelerator-canopyboulder-raises-2-million/0070548/