PORTLAND, Ore., Oct. 17, 2019 /PRNewswire/ -- PRESS RELEASE -- Apex Trading, a Portland-based tech startup supporting the wholesale cannabis industry, just closed a Series Seed raise of $1.67 million. The round was led by 7thirty Capital and Welcan Capital, with participation from previous investors including SilverLeaf Venture Partners and Panther Opportunity Fund.
Since raising its first round in 2018, Apex Trading has successfully established product-market fit, creating a scalable model serving 1,000-plus companies, and is on track to facilitate more than $100,000,000 in transactions in 2020.
The company will use the funds to accelerate their current traction in cannabis and establish Apex Trading as a predominant national player beyond current operations in five states. Additionally, they will be launching Bushel44, a hemp-centric platform that will allow hemp businesses to streamline and standardize their workflows, flatten the supply chain, while delivering actionable data for making intelligent business decisions.
"As the markets mature, companies are eager for traditional business management software solutions. Our platform not only delivers on those needs, but leans on our 30 years of combined industry experience to solve the nuances and pain-points of wholesale cannabis supply chain," says Apex Trading CEO and Founder John Manlove. "With hemp in its infancy, we're excited to leverage that technology to help this new industry, though on a much larger scale."
The company is excited to partner with institutional investors such as Welcan and 7Thirty, who bring deep industry knowledge and relationships that align with the company's vision.
"Apex Trading checks off all the boxes with a platform that drives efficiency for customers, years of experience in multiple markets, a track record of success, and leaders that constantly drive for innovation to stay one step ahead of the competition," says Vikas Desai of Welcan Capital.
"7thirty is excited to be part of the Apex Trading team," says Micah Tapman of 7thirty Capital. "John's built an exceptional management group with proven ability to execute in chaotic markets. We look forward to the launch of Bushel44 and expansion into new markets."
