Fyllo, a fast-growing Chicago startup that helps cannabis brands execute and create ad campaigns, raised more funding as it looks to bring important data to the legal marijuana industry.
Fyllo announced Wednesday that it raised an additional $10 million in Series A2 financing. Investors in the round include JW Asset Management, K2 & Associates, Arcadian, Salveo Capital and Phyto Partners. The startup has now raised $26 million to date.
Founded last year by Chad Bronstein, Aristotle Loumis and Erik Shani, Fyllo helps companies comply with state and federal advertising regulations. Marijuana firms can be fined if their digital ads run in a state where their product is not allowed, for example, or if the ad is seen by someone underage. Fyllo's tech make sure the ad is being delivered to the intended audience.
Fyllo, one of Chicago Inno’s 20 Startups to Watch in 2020, acquired Denver cannabis startup CannaRegs earlier this year for $10 million. The deal allowed Fyllo to access CannaReg's database of state and municipal cannabis rules and regulations, and help marketers now create larger campaigns knowing they are compliant with all applicable regulations.
Fyllo has grown to more than 70 employees, and operates additional offices in Los Angeles, New York, Toronto and Tel Aviv.
