The strategic bridge raise comes as cannabis sales surge and new markets are expected to open post-election
SEATTLE, Nov. 30, 2021 /PRNewswire/ — Headset, the leading provider of data and analytics to the cannabis industry, announced today that it had raised $3M of new capital led by Althea, a private equity investment firm. Other participating investors are Poseidon Investment Management, a leading investor in the legal cannabis and hemp industries, and WGD Capital, L.P., cannabis focused venture fund. As part of this financing, Headset also converted $5.6M of bridge notes previously issued in August 2020 and April 2021. As a result, thousands of organizations leverage headset’s unmatched scale of retail data to make smarter decisions regarding the cannabis industry. This round of capital will enable them to expand that reach.
“With this latest round of capital, Headset can achieve significant milestones in the industry, including the expansion of our market measurement services to all legal markets and launch new and exciting services designed to help organizations understand and activate consumer purchase behaviors at unprecedented levels,” said Cy Scott, CEO, and Co-Founder of Headset, “We are excited to be working with Althea who brings expertise in the areas of technology, analytics, CPG and cannabis.”
Since its launch in 2015, Headset has been the leader in powering advanced and unparalleled analytics services for growing customer bases within cannabis, supporting retailers and dispensaries in over thirty territories, with market projections in the U.S. and Canada. They continue to elevate the caliber of the cannabis industry, providing precise data-driven insights to brands, dispensaries, retailers, and organizations in the financial services and consumer packaged goods sector. This raise will deploy capital and ultimately enable Headset to quickly expand its market intelligence platform.
“At Althea, we partner with exceptional founders who are passionate about their people,” said Don Stoltz, Co-Founder of Althea. “Cy, Scott, and Brian have prioritized culture and collaboration while encouraging intellectual freedom. As Peter Drucker said, ‘Culture eats strategy for breakfast. We are thrilled to join the Headset family on the next leg of their journey.”
“The Headset platform is unparalleled in its breadth, depth, and real-time analytics, providing it with an enduring competitive advantage and growing business moat,” said Eliza Gairard, Co-Founder of Althea. “As the industry matures, the importance of data and analytics will grow exponentially, and we believe Headset is uniquely positioned to win.”
Headset is a data analytics company in the cannabis industry with a mission to help businesses make better-informed decisions through data. Headset focuses on collecting and analyzing consumer transaction information. Headset’s models and dashboards help cannabis retailers better optimize their day-to-day operations. In addition, product manufacturers, processors, and distributors leverage the aggregated, standardized, and anonymized receipt-level sales data in real-time to identify trends and opportunities, stay competitive, and collaborate with retail customers. Learn more at https://www.headset.io/.
Althea is an investment firm focused on the future of wellness. We are passionate about people, plants, and partnership. We believe in the power of changing your mind. Our goal is to live a curious life rooted in gratitude, authenticity, and humility. We support entrepreneurs via strategic guidance, capital, and personal connection to drive extraordinary outcomes for all stakeholders. Althea Equity Fund I is focused on plant-based wellness, grounded in our belief that cannabis can truly change the world for the better.