Baker Secures $1.6M to Change the Landscape of Cannabis Retail
Baker, the leading customer engagement software company for marijuana dispensaries and edibles brands, recently announced $1.6 million in seed funding to increase their already advanced growth process.
The profitable round was led by Michael Lazerow, the serial entrepreneur, investor, and founder of Golf.com and Buddy Media, a social marketing software company purchased by Salesforce for $800 million and included investments from 500 different startups.
“The cannabis industry is one of the fastest growing industries in the U.S, but is competitive, complicated by policy, and grossly underserved by smart technology,” said Lazerow. “The winners among the vast sea of dispensaries and brands will differentiate by building deep and meaningful connections with customers. Baker has created a solution that is clean and easy to use and can help dispensary owners engage their shoppers like never before – online, mobile, social and in-store. I witnessed first-hand how Salesforce supercharges its customers’ businesses and I’m inspired to see Baker driving the entire cannabis industry forward with this same intelligent approach.”
Since its inception a year and a half ago, over 100 dispensaries with the intention of connecting to their customers directly across every touchpoint from online ordering to in-store check-in, promotions and messaging, have adopted Baker’s software.
As of the present, Baker has been involved in helping clients build a better connection with over 1000,000 of their customers, generating an ROI of 300 percent in under 10 weeks.
“At Baker, we believe the cannabis shopping experience should be as comfortable and personalized as it has become in every other retail environment,” said Joel Milton, CEO of Baker. “But because of strict policy and antiquated technology, business owners have been caught in a race to the bottom, forced to slash prices just to stay competitive. With expertise in cannabis, data and technology we have created an industry-specific tool that allows dispensaries and brands engage with customers and build brand loyalty through a personalized shopping experience. We’re thrilled about the funding raise, which will help us bring smart retail to cannabis dispensaries across North America.”