Canopy launches $50 million growth-stage venture fund

BOULDER — Canopy, an accelerator and venture-capital firm for startups ancillary to the cannabis industry, is launching Canopy Ventures I, a $50 million venture fund for growth-stage companies.

The fund will focus on companies providing value in the cannabis supply chain. Investments will predominantly be in businesses raising bridge or Series A capital, as well as follow-on investments in later rounds.

First investments from the fund are expected to be made late in the first quarter of 2018.

“We’re providing smart money to great companies with a proven model,” Micah Tapman,
managing director of Canopy, said in a prepared statement. “One area where Canopy provides a distinct advantage is our ability to not only contribute money, but to also provide strategic insights, valuable introductions and hands-on support for the long term.”

The growth-stage venture fund is meant to complement the accelerator and seed-stage funds Canopy already has.

Initial financial commitments for the new fund have been secured. The rest is expected to be raised from family offices and accredited individual investors.

One of the initial investors in Canopy Ventures I is Jamul Jadamba, managing director of Propagule LLC.

“We invested in the fund because it has the right strategy,” he said, “and the Canopy team has the expertise, experience and access to execute it.”

on Facebook on LinkedIn