Cannabis Start-Up Wurk Closes $1 Million Seed Round
Workforce Management Technology Helps Highly Regulated Cannabis Industry Reduce HR Administrative Costs While Minimizing Compliance Risks
Denver, Colorado— Nov. 9, 2016—Wurk—a payroll and HR platform designed for the highly regulated cannabis industry—has raised $1 million in seed funding. This funding will be used to grow the team and accelerate customer acquisition with our product-oriented market. The round included CanopyBoulder, Poseidon Asset Management, Intuitive Private Equity and Richard (Rick) Kimball, who are Arcview Investor Network members.
The company went through CanopyBoulder’s Accelerator Program in Q1 of 2016. Wurk was then selected to be a featured presenter at ArcView Oakland Investor Forum by ArcView’s Investor Group Network. This led to a successful seed round with investors.
“We’ve experienced significant and sustained growth since we originally launched in August 2015,” said Keegan Peterson, Wurk Founder & CEO. ”Cannabis businesses are severely underserved by traditional payroll and HR firms. Because cannabis companies have to deal with so many unique regulatory issues, Wurk addresses several huge pain points.”
From day one, Wurk’s technology platform has been helping customers to tie together HR Management processes that include 280E reporting and audit trails, state-specific employee onboarding, industry-specific screening and payroll management. Backed by a unique ecosystem of experts and partners that specialize in 280E tax law, accounting, human resources, cannabis corporate law, and banking, Wurk’s Platform is reducing administrative costs and workload.
Arcview Market Research shows that the cannabis industry is the fastest growing industry in America. The U.S. market for legal cannabis is currently $7 billion. ArcView projects it will triple to $20 billion for medical and adult-use cannabis sales by 2020.
“The investors we have on board and the amount we’ve raised is a true testament that we’re working on something unique,” said Keegan. “The confidence we’ve received from the investor community enables us to get our product to market quicker as we continue to execute our business model.”
Wurk is a Payroll and HR 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
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