Pr ø hbtd , a start-up that CEO Drake Sutton-Shearer stated is developed to “develop a bridge” in between the marijuana market and traditional culture, is revealing that it has actually raised $8 million in Series A financing.
It’s not the only cannabis-focused digital media business out there; I discussed the preliminary financing for Herb in 2015 . Sutton-Shearer argued that Pr ø hbtd is producing superior material with a special voice.
For something, he stated Pr ø hbtd’s isn’t really focused specifically on marijuana. Rather, the objective is to develop a varied slate of way of life- and culture-related material, with marijuana as the hook.
Take, for instance, Edibles , a video series hosted by Birdie Harrelson (niece of Woody Harrelson) — the series consists of dishes for producing cannabis-infused baked items, however as Sutton-Shearer put it, when each episode opens, “She’s not discussing weed, she’s going to bakeshops.”
The business states that its video material (which is readily available on both the Pr ø hbtd site and on gadgets like Apple TELEVISION and Roku) saw 21 million views in May, with a typical view time of 3 minutes and 45 seconds.
Sutton-Shearer stated among his top priorities is creating “traditional collaborations” like Pr ø hbtd’s handle Advertising Week . The business likewise deal with more than 60 marijuana brand names — not simply on top quality videos and sponsorships, however more broadly on item advancement, marketing and style.
Asked whether this develops a prospective dispute with the editorial side of business, Sutton-Shearer mentioned that lots of other digital media business (like BuzzFeed and Vice) run their own top quality material studios.
“Today’ s more youthful customer, I wear’ t believe they truly care that much whether something’s top quality or not,” he stated. “They do wish to know if it’s thoughtful and amusing.”
Pr ø hbtd had actually formerly raised $4 million in seed financing from financiers consisting of actor/musician Donald Glover. The brand-new round was led by Serruya Private Equity, The Delavaco Group and Cresco Capital.
“We’ve seen every media chance in the marijuana market however none compare with exactly what the group at PR&O slash; HBTD has actually constructed,” stated Serruya Private Equity’s Aaron Serruya in the financing statement. “We anticipate fantastic things from the business and we’re delighted to support the group’ s worldwide vision.”
Speaking of that vision, Sutton-Shearer stated Pr ø hbtd is checking out worldwide chances, consisting of in Canada, Australia and Latin America, with prepare for a Canadian public offering.
“We’ re extremely tactically taking a look at the remainder of the world, however there’s still a lot to be carried out in the United States,” Sutton-Shearer stated.