Cova, the company behind the cannabis industry’s most robust point-of-sale (POS) solution, has raised $8 million in an initial fundraising round with Golden Opportunities Fund (“Golden”), managed by Westcap Mgt. Ltd. (“Westcap”).
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.
“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 new funding will be used to accelerate further product development and enhancements to build upon Cova’s current industry-leading capabilities ranging from pioneering offline transaction handling, express self-service checkout, looping prevention, dashboard-based reporting and analytics, 99.98% uptime, and more.
“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.”