An additional $1 million remains open for a follow-on raise.Chicago-based Hoodie Analytics announced Thursday it raised $5 million in Series A funding to expand its cannabis market intelligence platform.
The funding round was led by Measure 8 Venture Partners, an investment firm founded by Boris Jordan, executive chairman of Curaleaf.
“We are immensely impressed by Hoodie’s innovative strides in developing a state-of-the-art analytics tool for the cannabis sector,” Jordan said in a statement. “We are confident that the ability to make informed, data-driven decisions will become increasingly critical for cannabis industry stakeholders as the sector matures.”
Entourage Effect Capital and Satori Investors also participated. Other investors included Greenlight Investors and Tony Olson, founder and chairman of SPINS, through OlsonUbben.
Hoodie Analytics provides market data for cannabis brands and operators. It plans to use the funds to develop its cannabis market insights and product data management platform.
The firm also announced board additions, including David Navama, co-founder of Vitamin Capital and former president of SPINS, and Timur Sultanov from Measure 8 Venture Partners.
Hoodie Analytics claims to track over 3.5 million daily unique offers across more than 8,000 dispensaries in the U.S. and Canada, providing next-day insights on key metrics such as pricing, promotion, and inventory status.
Hoodie Analytics said an additional $1 million remains open for a follow-on raise.