Wurk Secures $11 Million in Funding to Facilitate Further Expansion and Support the Growing Cannabis Workforce
Leading cannabis Human Capital Management company plans to utilize this capital to bring in-demand technology and services to the market while investing in customer experience.
DENVER, Feb. 12, 2019 /PRNewswire/ -- Wurk, the first and leading Human Capital Management company for the cannabis industry, is pleased to announce the raise of $11 million in a funding round led by returning investors Poseidon Asset Management and Arcadian Fund. Existing investors Altitude, Salveo Capital, Phyto Partners and The Arcview Group also participated in the round.
Wurk plans to utilize the capital to enhance the client experience while expanding its cannabis HCM platform, including the launch of managed services. This will provide its growing customer base with dedicated human resource, payroll and tax experts. The company will also implement a robust analytics engine to provide highly sought-after data for the cannabis industry, allowing employers to increase operating efficiencies by benchmarking themselves against industry best practices.
"Our technology ecosystem allows cannabis companies to recruit, retain and optimize the efficiency of their rapidly growing workforces," said Keegan Peterson, Founder and CEO of Wurk. "Multiple new states came online in 2018, and with a number of markets planning to implement a regulated cannabis program this year, the industry needs these critical business applications in place to support it at scale."
"After participating in Wurk's previous two funding rounds, we are thrilled to have the opportunity to invest in the company yet again," said Emily Paxhia, Managing Partner at Poseidon Asset Management. "As investors focused on the cannabis space, we regularly see the HR, accounting, and tax challenges that startups in the industry face on a frequent basis. Wurk's solution helps ease that massive compliance burden and creates a huge investment opportunity in doing so."
Wurk helps cannabis companies manage payroll, human resources, timekeeping, scheduling and tax compliance, and minimizes compliance risks in the ever-changing cannabis regulatory environment. The company uses its expertise and trusted partnerships to provide guidance on 280E tax law, accounting and banking. Its platform is designed to scale nationally with the growth of the industry, while incorporating the local laws and regulations unique to individual states.