SOL Global Leads $30M Series B Round for Enterprise Technology Platform
SOL Global Investments Corp. (“SOL Global” or the “Company“) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) is pleased to announce that it has completed an investment in Fyllo, the leader in digital marketing and compliance solutions technology for highly regulated industries, as part of the close of Fyllo’s USD$30 million Series B round, co-led by SOL Global and JW Asset Management.
SOL Global invested USD$4 million in Fyllo as part of the Series B round. The Company had previously invested USD$600,000 in earlier funding rounds.
Fyllo operates the Fyllo Compliance Cloud, a suite of software and services built to overcome the complexities of highly regulated industries. The company delivers data, media, retail and regulatory solutions that enable organizations and multi-state operators to streamline compliance, increase efficiencies, and scale with speed. Mainstream brands also seek out Fyllo’s Data Marketplace to target previously inaccessible cannabis and CBD consumers. Fyllo’s suite of services includes its recently acquired CannaRegs, a regulatory compliance tool for the cannabis industry, and DataOwl, a retail marketing and point-of-sale solution. The company has raised nearly $60 million since its launch in 2019, and its software is used by some of the country’s largest multi-state operators and global mainstream brands.
“Fyllo has truly built an innovative platform that can help drive cannabis businesses and other highly-regulated businesses forward, and SOL Global is proud to have co-led the company’s Series B round,” said SOL Global CEO Andy DeFrancesco.
Other participants in the Series B round included K2, Entourage Effect Capital, George Steinbrenner IV, Arcadian Capital Management, Salveo Capital, and 2 NRP Managers, LLC.
For more information on Fyllo and its Compliance Cloud suite of SaaS products, please visit www.hellofyllo.com.
COVID-19 Update
SOL Global and its investments and portfolio companies have continued to deliver for both clients and shareholders despite challenges in the overall cannabis space and uncertain market conditions caused by the ongoing COVID-19 pandemic. SOL Global’s portfolio companies and companies in which they retain a non-controlling economic interest, including Bluma Wellness Inc. (“Bluma“) have adapted to the current environment through the continued scale-up of existing Florida cannabis production facilities, the continued expansion of Bluma’s operating subsidiary, One Plant Florida’s, already robust home- and curbside-delivery network and online ordering system in Florida, and the continued oversight of strategic business opportunities. SOL Global remains confident that it will continue to weather the COVID-19 storm and will emerge from the pandemic as a strengthened leader in the larger cannabis marketplace.
About SOL Global Investments Corp.:
SOL Global is a diversified investment and private equity holding company engaged in the small and mid-cap sectors. The Company’s investment partnerships range from minority positions to large strategic holdings with active advisory mandates. The Company’s seven primary business segments include Retail, Agriculture, QSR & Hospitality, Media Technology & Gaming, and New Age Wellness.
