Cannabis Digital OOH Network Eyechronic Secures $3M Series A Funding For Expansion
February 1, 2018 by Dave Haynes
A digital OOH company focused on the retail cannabis business has closed a $3 million Series A funding round from an investment form that’s also focused on the rapid-growth industry.
Eyechronic runs a screen network in some 300 stores across 16 U.S. states where cannabis and sale is now legal in some fashion. Tuatara Capital has put in $3 million, which bring’s Eyechronic’s total amount of capital raised to $5.25 million.
The cash infusion, says a press release, will accelerate Eyechronic’s growth and position the company to penetrate new markets including California, which launched its adult-use cannabis program on January 1, 2018. “In its first year of operations, Eyechronic has partnered with nearly 300 retail outlets across 16 states,” says co-founder and CEO, Jeremy Jacobs.“Imagine what we will be able to achieve with this new round of funding and these new strategic relationships. The sky is the limit.”
The in-store media company’s pitch is offering cannabis brands, which have very limited mainstream marketing options, the unique ability to reach their targeted demographic with video ad spots right at the point of sale.
“Eyechronic provides dispensary owners insight into the buying preferences and engagement level with their customers, and offers brands of all types an efficient platform to target the fast-growing and diverse cannabis consumer,” says Al Foreman, Chief Investment Officer of Tuatara Capital. “We look forward to working with the Eyechronic team to continue the rapid growth of their digital out of home network and to help expand their strategic relationships with traditional brands and advertisers.”
The company’s primary competitor, I think, is GreenScreens, which operates out of Boulder, CO and has aspirations to be in 500 sites by year’s end. I did a podcast recently with Ryan Sterling of GreenScreens.