Wurk Raises Additional $2 Million to Meet Cannabis Compliance Needs
Workforce Compliance Platform Adds Funding and Executive Leadership to Service Growing Industry
Denver, Colorado— April 11, 2017— Wurk – a workforce compliance platform built for the highly-regulated cannabis industry – has raised $2 Million to its seed round to fund key executive hires and expand more quickly into the newly opened, legal cannabis markets. The additional funding brings Wurk’s total seed round to $3 million. Poseidon Asset Management led the extended round, with participation from Phyto Partners, Salveo Capital and The Arcview Investor Network.
With the expansion of the cannabis industry into newly legal states and the federal administration’s push for compliance, Wurk fills an urgent need to support the regulations and rapid growth of the cannabis workforce. The firm’s experience navigating the difficulties of the Federal “Schedule I Substance” designation, as well as a growing patchwork of State and Local regulations, helps cannabis companies provide the necessary HR and Payroll infrastructure to take care of their employees and stay compliant with government regulations. Wurk’s Workforce Compliance technology supports operators in 12 states with solutions like 280E reporting, state-specific employee onboarding, and payroll management as part of a full suite platform.
With eight new markets emerging in November, including the passing of Prop 64 in California and the new administration’s focus on compliance, we knew we would need to scale the business quicker to meet this demand. We are a service based organization. The more businesses we can reach, the more people we can help. Our new funding gives us the ability to scale our business in a way that helps us keep up with the demands of this evolving and growing marketplace.
Keegan Peterson, Wurk’s CEO
As part of the company’s expansion, Wurk has hired Matt Kelly as Chief Financial Officer and Jay Meyers as Chief Revenue Officer. Kelly brings considerable experience in finance and hyper growth management to the company, while Meyers has a strong background in HR technology with specific focus on highly regulated industries. Both will report directly to Peterson and bring strong leadership and experience to the company.
Investing in Wurk has been extremely rewarding. We have seen positive responses from operators, as they move onto Wurk’s platform to streamline their compliance processes. Closing this recent raise provides them with the capital to grow their business and market share through strategic hires, expanding on their already strong team.
Emily Paxhia, Managing Partner at Poseidon Asset Management
Additionally, their plans to scale and to reach more companies will make for a stronger industry across the board. Success of a company always comes down to the people involved, and Wurk makes it easy for companies to support and empower their people.
About Wurk
Wurk is a Workforce Compliance Platform specifically designed for the highly regulated cannabis industry. Our platform automates the processes associated with hiring, managing and paying employees, greatly reducing costs for employers, and making administrative tasks easier, less error-prone and quicker for employees. The Wurk platform includes tools to manage compliance with industry-specific regulations like Federal income tax code section 280E and state-specific requirements for employee registration and badging. Wurk provides an ecosystem of industry experts specializing in 280E tax law, accounting, human resources, cannabis corporate law, and banking. Learn more www.enjoywurk.com
Source: Company
