Let's Get to Wurk - $1 Million Raised!
Who is Wurk?
Wurk’s platform offers its’ software as a service to help cannabis businesses do everything from background checks of new hires, to managing employees’ schedules, benefits and training, as well as making sure their employees get paid on time. Wurk provides tools to ensure compliance on both a state and federal level for companies looking to structure themselves for the future.
Why is Wurk needed?
Cannabis is still deemed a Schedule I controlled substance at the federal level, so large banks aren’t permitted to finance (most) cannabis companies. Another reason Wurk is needed for the cannabis industry, is for the fact most cannabis businesses have operated in what many in the community term a “gray area” or “black area” of the industry in which regulations and compliances are loosely followed. Wurk’s platform saves businesses the hassle of organizing themselves internally, by assisting businesses in figuring out internal processes that best fit the company’s structure.
How does Wurk’s approach differ from others?
Wurk has developed relationships with both local state banks and credit unions that are permitted to finance cannabis companies. By developing a network of these financial services firms, Wurk can help cannabis companies handle payroll and HR issues as they grow.
Seed funding success
On November 8th, 2016, Wurk successfully raised $1 Million in its’ seed stage funding. Keegan Peterson, CEO of Wurk, stated his Denver-based startup will use its funding primarily for sales and marketing efforts to expand in cannabis markets. Peterson wants to participate in the national discussion on cannabis, by connecting with regulators who may want to consider legalizing or expanding legal use of marijuana in their states, or even at the federal level.
Who made this possible?
Wurk’s financial backers include members of an investing organization called the Arcview Group, which is made up of hundreds of high-net-worth individuals that are carefully evaluating deals in the emerging legal cannabis industry. CanopyBoulder and Poseidon Asset Management also contributed to this successful round of seed funding.
To learn more about Wurk, please check out: http://www.enjoywurk.com/