U.S. rapper Snoop Dogg’s venture firm, Casa Verde Capital, alongside the New York-based Tiger Global, an investment company that poured money into Facebook, Warby Parker and Flipkart, are both betting on a marijuana start-up Green Bits.
On Wednesday, Green Bits, a developer of compliance software for marijuana businesses, said Tiger Global led a $17 million investment round in the start-up, CNBC reported.
“They have that background that will help us build a powerhouse technology company over the next few years,” Green Bits CEO Ben Curren told CNBC.
However, Tiger Global joining the cannabis industry will nevertheless lend it some credibility.
“In terms of helping the industry continue to gain a lot of mainstream attraction, I think this is a really significant step in that direction,” said Karan Wadhera, Casa Verde’s managing partner. “We’ve always said it is only a matter of time before more traditional investors start looking at the space.”
Snoop Dogg founded Casa Verde in 2015. It specializes in funding early-stage ancillary marijuana companies.
Wadhera, meanwhile, declined to disclose the exact size of Casa Verde’s investment in Green Bits. But he said it marked the firm’s “biggest single check to date.”