The cannabis-delivery startup Eaze is looking to raise another $50 million to $75 million just months after closing a $65 million funding round, according to two sources who have firsthand knowledge of the deal.
The sources said the San Francisco-based startup is looking to raise the round at a valuation of $350 million to $400 million. Eaze has made the rounds, pitching both mainstream venture-capital firms and cannabis-focused investors on the deal, the sources said.
A spokesperson for Eaze declined to comment.
Because Eaze is a tech platform — in the same vein as Uber — it is one of the few cannabis startups that has been able to attract top Sand Hill Road venture firms who are wary of investing directly in companies that sell or cultivate cannabis because it is illegal under US federal law.
Previous investors in Eaze include DCM Ventures and Jim Clark, a cofounder of Netscape.
Eaze runs an online marketplace where consumers in California can purchase cannabis products and have them delivered to their residences. The company recently announced an expansion to Portland, Oregon — its first foray outside California.
Eaze has somewhat scaled back its lofty goal of delivering $1 billion worth of cannabis. The company said in documents obtained by MarketWatch that it would sell about $412 million worth of cannabis products on its platform in 2020.
Cannabis-tech startups are finding fertile ground to raise VC money. Venture-capital firms have already poured close to $1.6 billion into cannabis startups this year — that’s up from just $16 million in 2013.
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