Fyllo Raises $16 Million to Help Cannabis Brands Advertise
A Chicago-based startup has just raised $16 million in its first round of funding to help cannabis companies deliver industry-compliant ad campaigns.
Founded this past April, Fyllo has created a marketing tech platform for the cannabis industry that helps brands execute and create ad campaigns that comply with state and federal regulations.
Fyllo uses an algorithm to track cannabis marketing legislation at federal, state and local levels in real time. The platform is powered by Fyllo’s propietary data and analysis technology, CannaBrain, which harvests information froun sources including legislation, dispensaries, inventory and social media.
The company’s approach has attracted the attention of some of the biggest names in cannabis venture capital.
“We feel really grateful to have some of the largest cannabis funds behind us,” said Chad Bronstein, Fyllo CEO and co-founder. Bronstein has more than a decade of experience in the digital marketing space.
Marketing is one of the biggest problems cannabis brands face, he explained. And companies are hit with thousands of dollars in fines if their ads don’t comply with the law.
Fyllo currently employs 20 people, and it expects to reach 40 by October, said Bronstein. Along with its Chicago headquarters, Fyllo has offices in Los Angeles, Denver and New York, with plans to expand to Toronto, Tel Aviv, Las Vegas, Phoenix and Cleveland.