SOQUEL — Jane Technologies Inc., the company behind I Heart Jane, has received $21 million in funding to expand its online cannabis marketplace.
I Heart Jane, the first and largest online cannabis marketplace, connects consumers to local legal dispensaries and businesses with the option to pick up their marijuana or have it delivered. Users can search for products in real-time and compare them by price, proximity or popularity and then place orders at local stores. I Heart Jane’s network includes 800 dispensaries across 23 states, according to founder and CEO Socrates Rosenfeld.
This funding will allow Jane to broaden its marketplace to reach international vendors and expand its data analytics platform, according to a press release. Jane’s focus is the U.S. market and the company has no particular geographical target outside of the country, said Rosenfeld.
“We’ve seen Jane effectively support some of the largest retail clients in the country and are pleased to partner with the software innovator so they can grow exponentially,” said lead investor Nick Deans of Pakala Jane Partners in the press release. “The online retail marketplace allows Jane to promote local businesses and increase sales with larger shopping cart purchases while keeping transaction costs down.”
Rosenfeld wouldn’t name investors who participated in funding, but said they have a “proven track record in cannabis business around the world.”
One part of data analytics Rosenfeld hopes to “build out” is user reviews, Rosenfeld said. Jane has validated user reviews, meaning a consumer cannot post a review unless he/she completed a reservation to purchase cannabis. With this funding, Jane can provide more detailed and valuable information to customers and businesses, he said.
“We as consumers are willing to share our data as long as we know what’s going on with it,” Rosenfeld said.
Jane previously received $6 million in funding in October 2018, with which the company developed its technology and data processing, according to the release.
Jane Technologies was founded in October 2015 and I Heart Jane launched in Soquel on April 20, 2017. The company has 33 employees, with the product team in Soquel and business operations nationwide.