Privateer Holdings is raising another big investment round to fuel rapid growth of its marijuana-related subsidiaries as more governments legalize the use of cannabis.
The Seattle-based investment firm has reeled in an additional $58 million — a mix of equity and a convertible note — which is part of a larger round that Privateer expects to close at around $100 to $150 million.
This pushes total funding to date to $140 million for the seven-year-old company, which is not disclosing specific investors behind the new cash infusion.
Privateer, one of the top marijuana firms globally, previously raised $40 million as part of a convertible note in November. In April 2015 it raised a $75 million Series B round from top investors like Founder’s Fund, the venture capital firm started by PayPal co-founder Peter Thiel, an early investor in companies like Facebook, LinkedIn, Yelp, SpaceX, and others.
The new investment will help Privateer continue growing its existing portfolio companies, develop new brands, and support future acquisitions and investments. It employs more than 500 people in seven U.S. states and seven countries.