|By Business Wire||
|March 26, 2014 06:00 AM EDT||
MassRoots, Inc., the premier private social network for the legalized cannabis community, is pleased to announce it has closed an oversubscribed $475,000 round of financing led by Dutchess Opportunity Fund II. Since launching in July 2013, MassRoots has gained 80,000 monthly active users, facilitated 14 million interactions between users, and is experiencing more than 50,000 daily app opens, with exponential growth in nearly every key performance metric. As the premier digital hub for the cannabis community, MassRoots provides a semi-anonymous environment for users to share their cannabis-related experiences, connect with fellow cannabis consumers and discover the highest quality marijuana-related content online. MassRoots is also currently building out its location-based service, connecting users to the cannabis community around them.
MassRoots Co-Founder Tyler Knight stated, "Given the history of cannabis in the United States, most consumers would prefer to keep their cannabis experiences off of Facebook, Instagram and Twitter. In many cases, a typical user’s family, co-workers and employers, can follow them on these networks, placing their social and professional reputations at risk. By providing a platform where users are not required to provide personally-identifiable information, MassRoots offers a semi-anonymous environment where users feel comfortable posting about cannabis related topics and experiences."
MassRoots Co-Founder Isaac Dietrich added, "By creating the largest and fastest growing online community of cannabis consumers, MassRoots is establishing a valuable marketing and distribution channel for legalized cannabis and its ancillary products. As a result, MassRoots can fully integrate two of the fastest growing industries in the world; legalized cannabis and mobile technology."
Douglas Leighton, Managing Partner of Dutchess Capital, commented, “With the rising popularity of private social networks coupled with the momentum in the legalization of cannabis, we believe MassRoots is firmly positioned to establish itself as the `go-to' mobile community for legalized cannabis users.”
"We're thrilled MassRoots has been able to raise $475,000 in follow-on funding," remarked ArcView Group CEO Troy Dayton. He added, “Since first presenting at the September 2013 ArcView Conference in Denver, Isaac and his team have attracted a total of $625,000 in equity investment by leveraging the power and reach of ArcView's 160-member investor network."
Within the next five years, 14 additional states are projected to legalize the adult-use of cannabis, growing the legalized cannabis industry from $1.58 billion in 2013 to $10.2 billion in 2018, according to a fall 2013 ArcView Market Research report.
About Dutchess Opportunity Fund II
Dutchess Opportunity Fund II invests in special situations assisting growth-stage and mature companies alike. Since 1996, Dutchess has managed over $2 billion in transactional value for companies which span a wide array of sectors. With offices in Boston, New York, London, Beijing and São Paulo, Dutchess invests in global investment opportunities. For further information about Dutchess, please www.dutchesscapital.com.