COVA Raises $8Million in Initial Funding Round
Cova Software, the company behind one of the cannabis industry’s most robust point-of-sale (POS) solutions, has raised $8 million in an initial fundraising round with Golden Opportunities Fund, managed by Westcap Mgt. Ltd.
Founded in 2016, Cova has designed and built purpose-driven POS and retail management solutions that power a complete end-to-end customer experience for cannabis retailers.
The company is an industry leader in marketing its brand, in our opinion. For example:
"The Cova team’s relentless pursuit of creating the industry’s first lovable POS has led to solutions that help retailers simplify compliance, reduce operational costs, and increase revenue through automated compliance, inventory management, mobile reporting dashboards, and Cova’s Express Checkout app. With a growing network of cannabis industry partners including Baker, I Heart Jane, greenRush, springbig, Bud Bytes, and Budvue, Cova’s seamless tech ecosystem gives retailers access to the best tools available to run their business. Cova’s offices are located in Denver, CO, Vancouver, BC, and Regina, SK."
“All of Cova is excited about the opportunity to accelerate our growth with this investment from Golden Opportunities Fund, who have been great to work with,” says Gary Cohen, CEO of Cova. “We’ll leverage these funds to continue building the industry’s leading cannabis retail software platform while selectively expanding our North American footprint.”
The company will utilize the new funding will be used to accelerate further product development and enhancements to build upon Cova’s capabilities ranging from pioneering offline transaction handling, express self-service checkout, looping prevention, dashboard-based reporting and analytics, 99.98% uptime, and more.
The investors are equally excited about the opportunity to be involved with COVA:
“Cova exemplifies the type of investment that we target in a company with a proven track record of success, significant business opportunities in an emerging market and a highly experienced management team that we have a strong history with,” comments Grant Kook, President and CEO of Golden. “This investment also complements the strategic positioning of Golden’s portfolio to focus on innovation.”