Vangst Raises $19 Million Series B Round
Cannabis industry hiring platform Vangst has completed a $19 million Series B financing. Vangst said it plans to use the money to expand its platform into new markets to support the influx of jobs. Vangst also said it will use this infusion of capital to launch products that support both cannabis businesses and employees, including training and employee payment solutions. Cannabis employment is expected to grow over 100% by 2025.
“The cannabis industry is one of the fastest-growing industries and job creators in the world, and Vangst is defining how cannabis businesses attract and hire talent in a brand new industry,” said Karson Humiston, Founder and CEO of Vangst. “We are incredibly excited for the opportunity to help thousands of people land their dream job in the cannabis industry.”
Vangst’s latest round of financing highlights the company’s growth over the last three years alongside the maturing cannabis industry. In the past 12 months, the sector reported a 25% increase in full-time employees and currently employs over 400,000 individuals.
Vangst currently works with 1,200 of the leading cannabis businesses, including Green Thumb Industries, Dutchie and Holistic Industries. The Vangst platform streamlines the hiring process by matching both full-time employees as well as vetted, credentialed, W2, on-demand GIG workers, with cannabis businesses across the U.S. As the first and only gig platform in cannabis, Vangst has filled over 150,000 part-time gigs since launching the product in 2018.
The round was led by Level One Fund, with participation from previous investors including Lerer Hippeau, Colle Capital, Casa Verde Capital, Phyto Partners, and new investors including L2 Ventures, Althea, Delta Emerald Ventures, Achari VC and others.
“Cannabis is an undeniably large and fast-growing market, and Vangst is the only company offering scalable recruitment solutions tailored for the industry’s unique needs,” said James Stewart, Managing Partner at Level One Fund. “Few, if any industries, share the constant state of flux and unpredictability that cannabis has, and consequently, there are only a handful of founders equipped to handle the challenges that come with it. Vangst is not only an extremely effective solution to these challenges, but its founder is a true force of nature. We are proud to lead this round and support Vangst as it continues to be a crucial utility to the entire industry.”