BOULDER, Colo.--(BUSINESS WIRE)--BDS Analytics, a Colorado-based market intelligence firm, announced today it has successfully closed its first round of funding, raising $1.5 million, two-thirds more than its funding goal of $900,000. The deal includes both angel and institutional investors.
“We’re pleased and grateful for this response from investors,” said Roy Bingham, founder of BDS Analytics. “With an experienced team and a strong platform, we’re eager to provide data and insights to cannabis industry companies who want to succeed.”
Bingham, a Harvard MBA and former McKinsey consultant, started BDS Analytics after noticing that the emerging legal industry lacked the kind of sophisticated, sales-based data that is both commonplace and essential in other, more established industries. In those industries, market research – and consumer behavior – drive everything from new product development to inventory and branding decisions.
BDS Analytics co-founder Liz Stahura, who spent the past decade at one of the nation’s premier market research firms, believes that all verticals in the cannabis industry, from dispensaries to the brands they stock will benefit from BDS Analytics’ easy-to-use, insight-rich platform.
“The cannabis industry is getting more complex and competitive, and entrepreneurs need better data to make smarter decisions,” said Stahura. “Our clients appreciate the edge they have thanks to the data our platform provides.”
Bingham and Stahura, who co-founded BDS Analytics are well-versed in point-of-sale data analytics; they wrote the proverbial books in both the natural-foods and outdoor industries.
“Relevant, actionable data analytics is the lifeblood of business and I expect BDS Analytics will be key to the success of many companies in the Cannabis industry,” said Dooma Wendshuh, co-founder of ebbu, a hotly anticipated cannabis startup.
About BDS Analytics
BDS is the indispensable source for cannabis industry data and insight. We collect, process, and present point-of-sale market share data for the cannabis industry. We provide actionable insights based on accurate information derived from millions of transactions that enables our clients (dispensaries, brands and growers) to make smart decisions that sustain their success. We are seasoned analytics-for-market research experts with more than fifty years’ combined experience in capturing and standardizing point-of-sale data, building and running extensive databases and providing reports and presenting data to clients and industry.