Fyllo, a fast-growing Chicago startup that helps cannabis firms with marketing and compliance, just raised a new round of funding as it looks to double its headcount in the next year.
Fyllo announced Tuesday that it raised a $30 million Series B round co-led by JW Asset Management and Sol Global. Other backers include K2, Entourage Effect Capital, Arcadian Capital Management, Salveo Capital, 2 NRP Managers and George Steinbrenner IV, the grandson of the late New York Yankees owner George Steinbrenner.
Founded in 2019 by Chad Bronstein, Aristotle Loumis and Erik Shani, Fyllo has now raised nearly $60 million in funding to date. The startup currently has 120 employees, Loumis said, and it plans to double its headcount in the next 12 to 18 months.
Fyllo's software helps cannabis brands ensure that their ads comply with state and federal advertising regulations, and is used by cannabis dispensaries like Columbia Care and Grassroots Cannabis. But Fyllo believes its software can grow beyond the legal marijuana space and help companies in other highly regulated industries with advertising.
Last year Fyllo acquired Denver cannabis startup CannaRegs for $10 million, and it bought cannabis marketing and loyalty startup DataOwl earlier this year.
On Tuesday, Fyllo also announced it has added Peter Kraus, the chairman and CEO of Aperture Investors, to its board. Last year it announced that Christie Hefner, the former CEO of Playboy, was appointed to its board.
