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- Dutchie
Dutchie Revenue, Valuation, Funding & Investors
Dutchie is valued at $3.8B as of October 2021, a 83.3x multiple on its last reported $45M revenue.
Last Dutchie valuation
$3.8B
Series D · Oct 2021
Last Dutchie funding round
$350M
Series D · Oct 2021
Dutchie revenue
$45M
Series D · Oct 2021
Key investors in Dutchie
Casa Verde Capital
Gron Ventures
Thrive Capital
Thirty Five Ventures
Dragoneer
DFJ Growth
About Dutchie
Dutchie is a Bend, Oregon-headquartered technology platform that equips cannabis dispensaries with point-of-sale systems, e-commerce storefronts, inventory management, and compliance tools. Founded in 2017, the company powers over 8,000 stores across North America, enabling online ordering, payments, and delivery integrations. Dutchie supports brands like Pax and Hasbro through its marketplace and provides analytics for retailers in 38 states.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$45M (Oct 2021)
Valuation
$3.8B (Oct 2021)
Dutchie Valuation
Dutchie is currently valued at $3.8B, based on its Series D in October 2021.
The $350M round was led by D1 Capital Partners, with participation from Growcore Investments, Dragoneer, Vine Ventures, Willoughby Capital, DFJ Growth and 6 other investors.
Dutchie's valuation has grown 2.2x from $1.7B at its Series C in March 2021 to $3.8B in October 2021, across 2 priced rounds.
Dutchie valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Oct 2021 | Series D | $3.8B | 83.3x |
| Mar 2021 | Series C | $1.7B | 85.0x |
Dutchie Revenue
Dutchie's latest recorded revenue is $45M, as of its Series D in October 2021. At a $3.8B valuation, that implies a 83.3x revenue multiple.
Revenue grew from $20M in March 2021 to $45M in October 2021, while the revenue multiple moved from 85.0x to 83.3x.
Dutchie revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2021 | $45M | $3.8B | 83.3x | Series D |
| Mar 2021 | $20M | $1.7B | 85.0x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Dutchie Funding History
Dutchie has raised a total of $603M across 5 funding rounds.
Dutchie's first fundraising round was a $3M seed round in September 2018. The most recent completed round was a $350M Series D in October 2021.
Dutchie funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2021 | Series D | D1 Capital Partners (lead); Growcore Investments; Dragoneer; Vine Ventures; Willoughby Capital; DFJ Growth; Tidemark; Casa Verde Capital; Thrive Capital; Glynn Capital Management; Gron Ventures; Park West Asset Management | $350M | $3.8B | Dutchie is a cannabis technology platform that powers commerce for legal cannabis dispensaries across North America. Founded in 2017, the company provides a comprehensive suite of solutions including point-of-sale systems, e-commerce platforms, seamless payment processing, and order management tools. Dutchie operates as a software service provider, charging dispensaries monthly fees to manage their operations and customer-facing websites. On October 14, 2021, Dutchie announced a $350 million Series D funding round led by D1 Capital Partners, with participation from existing investors Tiger Global, Dragoneer, DFJ Growth, Thrive Capital, Gron Ventures, and Casa Verde Capital, alongside new investors Willoughby Capital, Glynn Capital, and Park West Asset Management. The round valued the company at $3.75 billion, more than doubling its valuation from $1.7 billion just seven months earlier in the Series C round announced in March 2021. The total funding raised to date reached over $600 million. At the time of the Series D announcement, Dutchie was powering over 5,000 dispensaries throughout the U.S. and Canada and processing $14 billion in annual sales volume across its network. The company employed over 500 people spread across 40 states and Canada. Dutchie committed $100 million to R&D investments over the following 12 months, with additional funding directed toward team expansion and geographic market expansion. The investment reflected growing institutional confidence in cannabis technology despite federal illegality of cannabis in the U.S. D1 Capital Partners, a major institutional fund, led the round, signaling a shift among large investors toward cannabis-adjacent technology plays that avoided direct cultivation or retail sales. The company's rapid valuation growth from $200 million (Series B, August 2020) to $3.75 billion in just over one year reflected strong demand and market expansion during a period when legal cannabis sales in the U.S. were projected to reach $24 billion in 2021. |
| Mar 2021 | Series C | Tiger Global (lead); Dragoneer; Howard Schultz; DFJ Growth; Casa Verde Capital; Thrive Capital; Gron Ventures | $200M | $1.7B | Dutchie is a Bend, Oregon-based cannabis e-commerce and tech platform that provides dispensaries with tools to create websites, manage online orders, point-of-sale systems, compliance, payments, and marketing, serving over 5,000 dispensaries across North America at the time. The company charges monthly subscription fees scaling with locations and modules, starting around $299 for basic e-commerce up to $1,000 for comprehensive suites, plus payment processing fees via Dutchie Pay or Pay-by-Bank. On March 16, 2021, Dutchie raised $200 million in a Series C funding round led by Tiger Global, with participation from Casa Verde Capital, DFJ Growth, Dragoneer Investment Group, Gron Ventures, Howard Schultz, Thrive Capital, and others, achieving a post-money valuation of $1.7 billion. This valued the company at more than eight times its prior $200 million post-Series B valuation from August 2020. Forbes estimated Dutchie's ARR at approximately $45 million in 2021, implying the round occurred at an ~83x trailing ARR multiple, though public software peers traded at much lower multiples even then. The funding supported rapid expansion amid booming cannabis demand during COVID-19, with Dutchie handling $14 billion in annualized sales volume for its dispensary customers and achieving 100% year-over-year growth in dispensary partnerships. Total funding reached around $603 million cumulatively by later rounds. Dutchie committed significant capital to R&D and grew its workforce to 500 employees across 40 U.S. states and Canada. This March 2021 round preceded a larger October 2021 Series D of $350 million led by D1 Capital Partners at a $3.75 billion valuation, doubling the prior mark amid market frenzy. However, valuations later contracted sharply, with a 2024 $100 million raise at $400 million post-money, an 89% discount, amid challenges like debit rail shutdowns in 2023, customer churn, and high cash burn estimated over $50 million annually. |
| Aug 2020 | Series B | Thrive Capital (lead); Thirty Five Ventures; Casa Verde Capital; Gron Ventures | $35M | - | Dutchie is a Bend, Oregon-based cannabis technology company providing e-commerce solutions, point-of-sale software, and tools for dispensaries to facilitate online ordering and payments in the legal cannabis market. Founded in 2017, it partners with dispensaries across North America to enable safe and compliant cannabis sales through its platform. In August 2020, Dutchie closed a $35 million Series B funding round led by Thrive Capital, with participation from Casa Verde Capital (co-founded by Snoop Dogg), Gron Ventures, Thirty Five Ventures (Kevin Durant), and former Starbucks CEO Howard Schultz. The funds were earmarked for scaling software development, hiring (aiming to double headcount from over 100 to around 200 employees), expanding engineering teams, and enhancing client-facing roles to support growth amid a rapidly expanding cannabis industry projected to reach $42.7 billion in sales. The company prioritized building technical expertise in and outside cannabis to strengthen its all-in-one platform. This Series B preceded accelerated growth, with a $200 million Series C in March 2021 led by Tiger Global valuing Dutchie at $1.7 billion, followed by a $350 million Series D in October 2021 at around $3.75-$3.8 billion led by D1 Capital Partners, bringing total funding to approximately $603-$685 million across rounds. Investors in later rounds included Dragoneer, DFJ Growth, and returning backers like Thrive and Casa Verde. Dutchie also acquired Greenbits and LeafLogix in 2021 to bolster POS capabilities. Valuations later downshifted, with a $100 million raise in January 2024 at $400 million post-money. |
| Sep 2019 | Series A | Gron Ventures (lead); Sinai Capital Partners; Thirty Five Ventures; Justin Mateen; Casa Verde Capital | $15M | - | Dutchie is an e-commerce platform for cannabis pickup and delivery, functioning as a point-of-sale and online ordering system for dispensaries. The platform enables cannabis retailers to manage inventory, process orders, and facilitate customer transactions through web and mobile interfaces. In September 2019, Dutchie closed a $15 million Series A round led by Gron Ventures, with participation from Casa Verde Capital, Thirty Five Ventures, Sinai Ventures, Shutterstock founder Jon Oringer, and DoorDash founders and early executives. At the time of the fundraise, Dutchie was operating across 450 dispensaries in 18 states and facilitating approximately $140 million in annualized gross merchandise volume. The company monetizes through software subscription fees from dispensaries and payment processing fees, with total funding reaching $18 million following this round. |
| Sep 2018 | Seed | Casa Verde Capital (lead); Sinai Capital Partners; Thirty Five Ventures | $3M | - | Dutchie raised $3 million in its seed round in September 2018, led by Casa Verde Capital, with participation from Sinai Capital Partners and Thirty Five Ventures. The funding supported development of Dutchie’s initial technology platform and establishment of operations for cannabis dispensaries. Casa Verde Capital, a cannabis-focused VC firm co-founded by Snoop Dogg, backed Dutchie from this early stage and participated in all subsequent rounds. |
Who has invested in Dutchie?
17 investors have backed Dutchie across its funding rounds, including Casa Verde Capital, Gron Ventures, Thrive Capital, Thirty Five Ventures, Dragoneer and DFJ Growth.
Lead investors include D1 Capital Partners, Tiger Global, Thrive Capital, Gron Ventures and Casa Verde Capital.
Dutchie Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Sep 2018 | ||
| 4 | Lead | Sep 2019 | ||
| 3 | Participant | Sep 2018 | ||
| 3 | Lead | Aug 2020 | ||
| 2 | Participant | Mar 2021 | ||
| 2 | Participant | Sep 2018 | ||
| 2 | Participant | Mar 2021 | ||
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Mar 2021 | ||
| 1 | Participant | Sep 2019 | ||
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Oct 2021 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Dutchie
Dutchie has acquired 2 companies to date.
Last acquisition by Dutchie was on March 16th 2021. Dutchie acquired Greenbits for undisclosed valuation.
Latest Acquisitions by Dutchie
| Description | Greenbits is a Portland-headquartered POS and compliance platform for cannabis dispensaries operating in 18 U.S. states. It automates inventory tracking, sales reporting, and state-specific regulations for Metrc integration. Greenbits processes $4 billion in annual transactions for 2,000+ stores including Harborside. Acquired by Dutchie in 2021, it maintains API connections for e-commerce. Launched in 2014, it pioneered seed-to-sale traceability. | LeafLogix is a software provider serving the cannabis industry with comprehensive business management solutions. Its platform handles seed-to-sale tracking, compliance reporting, inventory control, and point-of-sale functions for cultivators, manufacturers, and retailers. Headquartered in the United States, LeafLogix integrates with state regulatory systems to ensure METRC compliance in markets like Florida and New Jersey. The company delivers ERP tools tailored to cannabis operations nationwide. |
| HQ Country | ||
| HQ City | San Jose, CA | New York City, NY |
| Deal Date | 16 Mar 2021 | 16 Mar 2021 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Dutchie acquisitions and their M&A valuation multiples. Start Free Trial | ||
Dutchie Competitors
Dutchie competitors include listed companies like Curaleaf and Trulieve Cannabis, and private ones like Salla, GrubMarket, Infra.Market and Moglix.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $3.5B | - | ||
| Private | $1B | - | $2.8B | - | ||
| Publicly listed | $1.3B | $238M | $2.7B | 2.7x | ||
| Private | - | - | $2.5B | - | ||
| Publicly listed | $1.2B | $314M | $2.2B | 2.4x |
Dutchie Public Comps
Dutchie is still privately-owned, but its public comps include Inchcape, Openlane, Curaleaf, Ocado Group, Trulieve Cannabis, Beijing United, ACV Auctions, Modivo, Vipshop and Green Thumb Industries.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $12B | $867M | 0.4x | 0.4x | 5.4x | 5.0x | |||
| $1.9B | $302M | 2.4x | 2.2x | 15.2x | 12.2x | |||
| $1.3B | $238M | 2.8x | 2.7x | 14.9x | 12.6x | |||
| $1.9B | $135M | 2.0x | 1.8x | 27.3x | 8.0x | |||
| $1.2B | $314M | 2.1x | 2.4x | 7.9x | 6.7x | |||
| $7.6B | $373M | 0.3x | 0.2x | 5.9x | 5.5x | |||
| $760M | ($19M) | 2.3x | 2.1x | (89.6x) | 24.8x | |||
| $2.9B | $224M | 1.0x | 0.9x | 12.8x | 7.3x | |||
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Common questions about Dutchie
| When was Dutchie founded? | Dutchie was founded in 2017. |
| Where is Dutchie headquartered? | Dutchie is headquartered in Bend, OR, United States. |
| Is Dutchie publicly listed? | No, Dutchie is a private, VC-backed company. |
| What is Dutchie's valuation? | Dutchie was last valued at $3.8B in its Series D in October 2021. |
| How much funding has Dutchie raised? | Dutchie has raised $603M across 5 funding rounds. |
| What was Dutchie's last funding round? | Dutchie's last funding round was a $350M Series D in October 2021, led by D1 Capital Partners. |
| Who are Dutchie's investors? | Dutchie's investors include Casa Verde Capital, Gron Ventures, Thirty Five Ventures, Thrive Capital, Dragoneer, Sinai Capital Partners, DFJ Growth, Growcore Investments, Howard Schultz, Justin Mateen and 7 others. |
| What is Dutchie's revenue? | Dutchie's latest recorded revenue is $45M (October 2021). |
| What is Dutchie's revenue multiple? | Dutchie's latest valuation implies a 83.3x revenue multiple ($3.8B valuation on $45M of revenue). |
| Which companies are comparable to Dutchie? | Companies comparable to Dutchie include Salla, GrubMarket, Infra.Market, Curaleaf, Moglix and Trulieve Cannabis. |
| How many companies has Dutchie acquired? | Dutchie has acquired 2 companies, including Greenbits and LeafLogix. |
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