San Francisco-based cannabis company PAX Labs has secured $420 million in private equity funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced on April 22.
According to its Crunchbase profile, "PAX Labs is a leader in the design and development of premium, app-controlled vaporization technologies and devices. Headquartered in San Francisco, PAX has become an industry leader through innovation and product design. PAX is committed to taking the guesswork out of cannabis with products that offer quality, transparency and predictability."
The two-year-old startup has raised four previous funding rounds, including a $20 million round in 2018.
The round brings total funding raised by San Francisco companies in food and beverage over the past month to $453 million. The local food and beverage industry has seen 69 funding rounds over the past year, securing a total of $2.8 billion in venture funding.
In other local funding news, finance company Branch International announced a $170 million Series C funding round on April 7, led by Foundation Capital.
According to Crunchbase, "Branch offers mobile financial services across emerging markets to spur human potential. Branch delivers world-class financial services to the mobile generation. With offices in San Francisco, Lagos, and Nairobi, Branch is a for-profit socially conscious company that uses the power of data science to reduce the cost of delivering financial services in emerging markets."
Founded in 2015, the company has raised five previous rounds, including a $3.4 million debt financing round in 2018.
Meanwhile, personal health company Tonal raised $45 million in Series C funding, announced on April 4. The round's investors were led by L Catterton.
From the company's Crunchbase profile, "Tonal manufactures and provides Tonal, a piece of fitness training equipment. It installs Tonal on walls and offers personalized workouts through it. Tonal provides workout plans to build muscle, balance strength and improve athletic performance, based on individual requirements."
Tonal last raised $30 million in Series B funding in 2018.
Also of note, accounting company Pilot raised $40 million in Series B funding, announced on April 17.
From Crunchbase, "Pilot is a bookkeeping company focused on startups, and is unique in three key ways: First, bookkeepers are assisted by a team of engineers that automate the most error-prone parts of the work, so your books are always incredibly accurate. Second, they’re laser-focused on world-class customer service. Finally, they're built by startup founders for startup founders. This is the third startup for the founding team and they've lived through this pain before, so they know what it’s like."
The company previously raised $15 million in Series A funding in 2018.
Rounding out the city's recent top local funding events, recruiting company Triplebyte raised $35 million in Series B funding, announced on April 11 and led by Ali Rowghani.
From Crunchbase, "Triplebyte is a recruiting and technical screening platform for tech companies. They believe the current technical hiring process doesn't do enough to help engineers show their strengths. They're dedicated to building a better process."
The company previously raised $10 million in Series A funding in 2018.
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