Wurk’s $3M Seed Round to Fund Key Hires and Geographic Expansion

“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.”

Read the full post here.

Wurk Raises Additional $2M to Meet Cannabis Compliance Needs

Workforce Compliance Platform Adds Funding and Executive Leadership to Service Growing Industry

Denver, Colorado— April 12, 2017Wurk – 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,” said Keegan Peterson, Wurk’s CEO. “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.”

 

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,” said Emily Paxhia, managing partner at Poseidon Asset Management. “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. 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

Cannabis Payroll And Compliance Firm ‘Wurk’ Bags Another $2M In Seed Round

“Around the country, cannabis businesses face a fair mountain of red tape in trying to comply with different state and federal laws. A Colorado startup wants to help keep the legal industry rolling (and doing what it does best) by providing a one-stop shop for businesses’ compliance and payroll needs, and it’s already raking in the green.

The cannabis workforce compliance platform Wurk announced today that it has raised $2 million more in an extended seed round to help develop its growing operation in pot country and beyond, bringing its raised total to $3 million. In a press release, the company noted it would use the funds for “key executive hires” and to ramp up its expansion into new legal cannabis markets. The extended round was led by Poseidon Asset Management, with Phyto Partners, Salveo Capital and The Arcview Investor Network also participating.”  Read the full post here.

Denver payroll services firm aimed at marijuana business raises $2M

“A Denver payroll and business compliance startup that targets the marijuana industry said it’s raised $2 million in new funding.

Wurk said the latest round of funding was led by Poseidon Asset Management, with participation from Phyto Partners, Salveo Capital and The Arcview Investor Network.”  Read the full post here.

Funding Snapshot: Wurk Adds $2M Seed

WSJ Pro, covered Wurk’s news regarding adding $2 Million Seed for Cannabis Industry Workforce Compliance.  Read the post here.

Press Release: Wurk Closes $1M Seed Round

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.”

 

About Wurk

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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Media Contact:

North 6th Agency

Robert Vanisko

wurk@n6a.com

212.334.9753