CanopyBoulder’s SPARE Sweeps Arcview Portland Marijuana Investor Pitch Event, Awarded $50k Fund
Industry: Financial Services
SPARE, a CanopyBoulder cannabis business accelerator program graduate, won the coveted Arcview Portland pitch prize and $50k Winner’s Fund investment.
Boulder, Colorado (PRUnderground) May 24th, 2016
SPARE, a CanopyBoulder cannabis business accelerator program graduate, won the coveted Arcview Portland pitch prize and $50k Winner’s Fund investment.
Founded in 2013 by CEO D’ontra Hughes, SPARE is a cash-dispensing app and fin tech platform that allows consumers to withdraw cash from their bank account from any retailer’s cash register. Retailers create a SPARE account, set their dispensing limits, and make their cash-back status known to consumers. Consumers use the SPARE app to locate stores on the SPARE platform, order cash, and pick it up in person – all utilizing the most stringent encryption technology.
Because of cannabis banking challenges, medical and adult use marijuana dispensaries see the SPARE platform as a means to efficiently offload their cash to consumers, and lower their daily cash liability.
Upon acceptance of the oversized $50,000 check, Hughes said “Working with the team at Canopy gave us the opportunity to qualify for the Arcview Portland event. After many hours of pitch practice, strategy sessions, and guidance from the large roster of Canopy mentors, we’re incredibly happy with this outcome. A huge thanks is owed to the Canopy team for prepping us for success.”
SPARE competed with 15 other businesses presenting at The Arcview Group’s Portland pitch forum, presenting in front of approximately 150 accredited investors. Companies presenting to the investors are rated on a scale of 1-5, with the highest-rated company receiving a $50k investment from Arcview’s Winner’s Fund. Said Hughes, “Participating in the ArcView Portland event enabled us to close our bridge round and focus on growing the business while we continue to fundraise for our late seed round.”
“SPARE’s technology works for all retailers – coffee shops, convenience stores, dispensaries – in the U.S. and abroad. We see ample opportunity globally for travelers, and also opportunity to serve the needs of banks wishing to reduce their dependence upon ATMs”, said Patrick Rea, CEO and co-founder of Canopy.
SPARE will present at Canopy’s Oakland Demo Day event at the Oakland Marriott City Center on June 18th at 3pm. Demo Day brings Canopy’s innovative companies – including Front Range Biosciences, iDro, JAEB Designs, Quantified Vapor, SPRK Labs, Stashbox, VaporSlide, weeGrow, and Wurk – to present their cutting edge products and services to investors, community members and cannabis industry professionals. Canopy’s Oakland Demo Day precedes Arcview Oakland and the National Cannabis Industry Association Business Summit & Expo in Oakland, CA, June 19th-22nd, 2016.
About Canopy: Canopy is a seed-stage investment fund and business accelerator investing in ancillary products and services in the legal cannabis industry. Founded in 2014, the accelerator has graduated 29 hand-picked companies from its intensive 16-week business development bootcamp program, providing cannabis startups with up to $70k in seed capital, experienced mentors, industry-specific guidance and an extensive investor network. Canopy is currently accepting applications for its Fall 2016 program in San Francisco, CA, with plans to further expand to San Diego, CA.
About The ArcView Group: Founded in 2010, The Arcview Group is responsible for a number of groundbreaking ventures in the cannabis industry. The Arcview Investor Network includes more than 550 accredited investors who have put more than $72 million behind 114 companies. Arcview Market Research produces the State of Legal Marijuana Markets report, which is the most oft-cited market data report. In 2015, Arcview became a partner in Canopy, the first seed-stage mentor-driven business accelerator. Arcview is also co-founder of Cannasure Insurance Services, the leading provider of business insurance to the cannabis industry.
About Canopy
Canopy is a venture fund and business accelerator for companies developing ancillary products and services for the legal cannabis industry. Companies are handpicked to receive up to $80,000 in capital and participate in an intensive 16-week accelerator program. Canopy advisors and mentors work closely with each company, helping define business models, refine unique selling propositions, and focus marketing and fundraising activities. For more information, please visit www.canopyboulder.com.
About The Arcview Group
Founded in 2010, The Arcview Group is responsible for a number of groundbreaking ventures in the cannabis industry. The Arcview Investor Network includes more than 650 accredited investors who have put more than $108 million behind 141 companies. Arcview Market Research produces the State of Legal Marijuana Markets report, which is the most oft-cited market data report. In 2015, Arcview became a partner in Canopy. For more information, please visit www.arcviewgroup.com.
