An on-demand medical marijuana delivery service called Eaze has just closed a $10M round of funding.
The Bay Area company first raised $1.4M in November to expand nationwide into territories where medical or recreational marijuana is legal.
“We were the first Silicon Valley venture firm to make an investment in the cannabis tech sector in November 2014 when we invested in Eaze’s seed round, and we are now excited to lead this round," said David Chao, general partner with DCM Ventures, in a statement. Fresh VC, 500 Startups and other unnamed investors also participated.
"With public sentiment and public policy aligning to broaden access and the cannabis market surging toward $100 billion, we believe there is a huge opportunity as the fast moving technology and cannabis industries intersect," he said.
TechCrunch called the Eaze service "Uber for weed" and experienced a delivery within 15 minutes as promised, but found a big flaw in its economic model that makes it unlike Uber or similar apps; Eaze is currently cash only.