Vangst Closes $19 Million Series B to Power Cannabis Hiring
Growth capital to fund expansion into new markets and launch products to support the fastest-growing job sector in the U.S.
DENVER, Jan. 13, 2022 /PRNewswire/ — Vangst, the cannabis industry’s leading hiring platform, today announced the completion of its $19 million Series B financing. The round was led by Level One Fund, with previous investors including Lerer Hippeau, Colle Capital, Casa Verde Capital, Phyto Partners, and new investors including L2 Ventures, Althea, Delta Emerald Ventures, Achari VC, and others.
Vangst’s latest financing round highlights the company’s growth over the last three years alongside the maturing cannabis industry. In the past 12 months, the sector reported a 25% increase in full-time employees and employs over 400,000 individuals.
Vangst works with 1,200 leading cannabis businesses, including Green Thumb Industries, Dutchie, and Holistic Industries. The Vangst platform streamlines the hiring process by matching full-time employees and vetted, credentialed, W2, on-demand GIG workers with cannabis businesses across the U.S. As the first and only gig platform in cannabis, Vangst has filled over 150,000 part-time gigs since launching the product in 2018.
“Cannabis is an undeniably large and fast-growing market, and Vangst is the only company offering scalable recruitment solutions tailored for the industry’s unique needs,” said James Stewart, Managing Partner at Level One Fund. “Few, if any industries, share the constant state of flux and unpredictability that cannabis has, and consequently, there are only a handful of founders equipped to handle the challenges that come with it. Vangst is an extremely effective solution to these challenges, but its founder is a true force of nature. We are proud to lead this round and support Vangst as it continues to be a crucial utility to the entire industry.”
Cannabis employment is expected to grow over 100% by 2025, and Vangst plans to use the new funding to expand its platform into new markets to support the influx of jobs. Vangst also uses this capital infusion to launch products that support cannabis businesses and employees, including training and employee payment solutions.
“The cannabis industry is one of the fastest-growing industries and job creators in the world, and Vangst is defining how cannabis businesses attract and hire talent in a brand new industry,” said Karson Humiston, founder, and CEO of Vangst. “We are incredibly excited for the opportunity to help thousands of people land their dream job in the cannabis industry.”
Vangst is the cannabis industry’s hiring platform, helping cannabis companies find the talent they need to grow their businesses. Vangst has built the industry’s go-to talent platform for all cannabis hiring, from on-demand gig workers to trained and credentialed full-time employees. Vangst is proud to work with 1,200+ of the cannabis industry’s leading businesses.
Founded in 2016, Vangst has become one of the fastest-growing companies in the cannabis industry, and was recognized as one of Fast Company’s Most Innovative Companies, and most recently as one of the Top Cannabis Companies To Work For by MG Magazine.