Keith McCarty couldn’t stay out of the booming weed business for long.
The co-founder and former chief executive officer of the well-fundedmarijuana delivery startup Eaze has launched WAYV, a B2B cannabis logistics and compliance platform that delivers inventory to cannabis retailers. Today, the company is announcing its first round of funding, a $5 million seed round led by David Sacks at Craft Ventures. The round represents the former PayPal executive’s first investment in the cannabis technology sector.
Other investors in the round declined to be named.
McCarty and Sacks previously worked together at Yammer, a private social networking tool used by businesses created by Sacks in 2008. The company sold to Microsoft in 2012 for $1.2 billion, giving McCarty and several others enough cash to experiment. For McCarty, that meant exploring the hazy and uncharted territory that was marijuana delivery.
McCarty, however, mysteriously left Eaze right as the company gained significant traction. Neither the company nor McCarty ever explained the shake-up; McCarty was quickly replaced by another former Yammer employee, Jim Patterson, the founder and former CEO of Zinc. In a conversation with TechCrunch, McCarty didn’t clarify the nature of his exit.
He did say that the idea for WAYV came from observing the difficulties of cannabis supply chain logistics during his time at Eaze .
Headquartered in Los Angeles, WAYV connects licensed cannabis companies to licensed brands and provides next-day delivery of cannabis products — it’s essentially Eaze for the cannabis enterprise not the average cannabis consumer. The startup was founded last year and has so far delivered to retailers in California only.
As a second-time cannabis founder, McCarty said building WAYV has been a lot different than launching Eaze, which was one of the first big-name marijuana tech companies.
To Read The Rest Of This Article By Kate Clark on TechCrunch
Published: October 29, 2018
Founder & Interim Editor of L.A. Cannabis News