Venture Capital News: HERB Inks $4.1M Seed Funding
LOS ANGELES, CA, HERB, a cannabis technology company with the most engaged cannabis community in the world, is pleased to announce it has raised $4.1 million in seed funding.
This funding will go towards the launch of its new technology platform, the growth of HERB's video studios, key new hires, and two new office locations in Los Angeles and New York. The round was led by Lerer Hippeau Ventures with participation from Slow Ventures, Michael Lazerow, Bullpen Capital, Shiva Rajarama, Liquid 2 Ventures, Tobi Lutke, Harley Finkelstein, and Adam Zeplain.
"During our research into the cannabis industry, it became clear to both myself and our team at Liquid 2 Ventures that HERB was the most professionally run business for relevant, informative, cannabis content," said Joe Montana, hall of fame quarterback and investor in HERB. "With the trend quickly leaning toward national or even global legalization, we think it will be imperative that there is a reliable source of educational content, which will ensure that cannabis consumers are well-informed about the benefits as well as the risks of using the plant."
HERB is dedicated to bringing high-quality cannabis content to its rapidly growing audience. With this round of funding, HERB will be able to further its presence in the cannabis space, and establish the company as the go-to resource for everything cannabis related. HERB's mission is to eliminate the stigma surrounding cannabis and open people's minds to the medicinal potential of the plant. HERB's platform allows people to find the best strain for their medical conditions, discover new products, and be entertained by compelling video content. In the coming month, HERB will host a launch event to unveil the features of the new technology platform.
"There was a void in the marketplace and HERB filled it," said Eric Hippeau managing partner of Lerer Hippeau Ventures. "Because the market is so new, brands wanted to establish themselves and reach consumers, and consumers wanted to know more about sellers, products, legislation, and all other content related to the cannabis business. HERB has been that go-to place for consumers, brands, and anyone who's looking for information about the industry."
According to Tubular Labs, as of June 2017, HERB's engagement rivals that of top mainstream publications, reaching 5.3 million unique viewers per month. Additionally, since April 2017, HERB's reach has grown at a rapid pace with more than 200 million video views per month (30% growth month-over-month), 8.7 million Facebook likes, and 600,000 Instagram followers.
Earlier this month, HERB also announced the launch of its new weekly video series, Smoke Sessions, which showcases a mix of vibrant personalities, unique personal stories, and educational cannabis content. Upon launch, the series went viral in a matter of 48 hours, receiving over six million views.
"This is a monumental moment for HERB and a testament to the shift of public view on the cannabis industry," said Matt Gray, CEO and founder of HERB. "As we usher in a new and diverse demographic of cannabis consumers, investors are seeing the value in the cannabis industry and importance of having a reliable technology platform to educate and inform consumers."
For more information, you can visit www.herb.co, as well as Herb's channels on Facebook, Instagram, and YouTube.
HERB is a reliable global cannabis technology company that produces and distributes original news, entertainment and video. Established in 2016, HERB connects cannabis consumers and businesses through trustworthy content while enabling visitors to find curated strain recommendation, local dispensaries, and products.
HERB's mission is to educate, influence, and represent the cannabis community at large. With more than 5.3 million unique monthly visitors and 2 billion organic video views annually, HERB has built the most engaged cannabis community in the world.
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