A young Chicago startup just raised $16 million in its first-ever round of funding to help cannabis companies deliver industry-compliant ad campaigns.
Fyllo announced Wednesday that its $16 million seed round was led by New York-based JW Asset Management and Canada-based K2 & Associates, two investments firms known for backing cannabis-related businesses.
Founded just 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. Marijuana and CBD companies can be fined if one of their digital ads runs in a state where their product is not allowed, or if it’s seen by someone underage. Fyllo says it helps cannabis companies meet compliance requirements at scale, giving brands piece of mind that they’re only advertising to their intended, legal audience.
The startup is led by co-founder and CEO Chad Bronstein, who has more than a decade of experience in the digital marketing space. He was the VP of sales at Adconion Media Group, which was acquired by large marketing tech firm Amobee in 2014. He was promoted to Amobee’s chief revenue officer in 2018.
To read more, click on https://www.americaninno.com/chicago/funding-chicago/chicago-upstart-lands-16m-to-help-cannabis-brands-with-advertising/