Eaze, a pot delivery service for verified medical marijuana patients, recently announced a $10 million Series A financing led by DCM Ventures.
Utilizing an Uber-like smart phone interface, Eaze connects verified medical marijuana patients with licensed local dispensaries. According to the website, after a simple download of the app, a patient can choose from a variety of menu choices, set up delivery and even rate the product and the driver (refered to as “caregivers”) after the deal has gone down. Pretty dope!
As the first Uber for weed like service in the market last summer, the company raised $1.5 million in an Angel Round last year from Fresh VC, a Las Vegas based micro VC fund started by Shri Ganeshram and Brian Sheng.
DCM Ventures led this round, with Fresh VC returning, joined by Snoop Dogg’s Casa Verde Capital and 500 Startups.
Kyle Lui, a principal at DCM, told Quartz: “At the time we invested in the seed, we had a thesis the medical marijuana market would continue to grow, and from a regulatory perspective, it would move toward deregulation. Things accelerated much faster than we had anticipated.”
DCM Ventures, founded in 1996, has over $2.5 billion under management and has invested in over 200 technology companies around the world. The fund has offices in Silicon Valley, Beijing, and Tokyo, and according to its website, empowers its entrepreneurs with hands-on operational guidance and a global network of business and financial resources.
This is huge news for the legal marijuana industry, which tends to leave traditional investors a bit wary even in the face of the loosening of regulations regarding the plant across the country today.
The app is however still not available on Google’s Android or Apple’s App store, as yet a victim of the hazy legality surrounding marijuana nationwide. The app can be downloaded from the company’s website.
