The Blinc Group has raised $1.5 million in bridge financing. The company will use the proceeds to expand its team, develop new materials and vape technologies, and open an office in Toronto.
“The Blinc Group puts quality and safety at the forefront of its vape technology and since day one, that dedication to the highest standards has brought us the endorsement of institutional investors focused on the cannabis industry,” said Arnaud Dumas de Rauly, CEO and co-founder of the Blinc Group, in a statement.
“Our team navigated 2019’s vape crisis helping set standards and advise regulators on testing and compliance, and last year the company saw our best quarter yet amid the Covid-19 pandemic as the industry learned the benefits of safety and traceability.”
In 2020, Blinc Group more than tripled its orders with more than 330 percent year-on-year growth, showcasing the technology company’s ability to scale and flourish in a difficult regulatory landscape. The group attributes much of its success to the emphasis it places on safety and compliance.
“We began underwriting our initial investment in Blinc near the onset of the so-called vape crisis in 2019 and it became quickly apparent that the team’s experience within the vape technology space and its focus on quality, traceability and customer service would see them through and enable them to emerge as a market leader,” said Andi Goldman, managing member and co-founder of the Equitas Partners Fund.
“We have watched the Blinc team over the past few years as they have grown their business and dedicated their focus to safety and traceablity within the vape hardware sector,” said Michael Mitgang, managing director and co- founder of the WGD Opportunity Fund. “Blinc’s reputation for putting these important factors first has secured customer wins with some of the leading cannabis operators in North America.”
“The vape category is one of the primary revenue drivers in every market and satisfies the demands of some of the most committed cannabis consumers. Providing high-quality products is a must for any brand looking to win and retain loyal shoppers,” said 7thirty’s Director of Research, Ben Richardson.