Cannabis tech firm raises $11M

Wurk’s cannabis HR software. (Photos courtesy Wurk)

A Denver-based cannabis tech firm has raised $11 million in funding in an effort to expand its offerings.

Wurk, which has a 12,000-square-foot office in the Ballpark neighborhood, provides software that streamlines payroll, human resources, timekeeping, scheduling and tax compliance — “an entire human resources department in one platform,” according to its website — for companies in the highly regulated cannabis industry.

In a news release, Wurk said the funding round was led by previous investors Poseidon Asset Management and Arcadian Fund, with additional participation from previous investors Altitude, Salveo Capital, Phyto Partners and The Arcview Group.

Keegan Peterson.

Wurk said the funding will be used to add “managed services,” allowing customers to connect with human resource, payroll and tax experts. The company also plans to add a data analytics system that will allow companies “to increase operating efficiencies by benchmarking themselves against industry best practices.”

Keegan Peterson founded Wurk in 2015, setting up shop at 455 Sherman St. in Denver. The company moved to its current office at 2162 Market St. last year.

Previous fundraising for the company includes $3.2 million raised in a bridge funding round last April, and $3 million raised in a seed round in 2017. Poseidon Asset Management, an investment management firm focused on the cannabis space, led those rounds as well.

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