Tiger Global, the investment firm that poured money into Facebook, Warby Parker and Flipkart, is now betting on cannabis alongside rapper Snoop Dogg.
Green Bits, a developer of compliance software for marijuana businesses, said Wednesday that New York-based Tiger Global led a $17 million investment round in the start-up. Tiger Global was joined by investors including Snoop Dogg's venture firm, Casa Verde Capital, which first backed Green Bits last year.
It's a stretch for Tiger Global, a firm that made a big splash in Silicon Valley in the early part of the decade by investing in Facebook and LinkedIn ahead of their IPOs and by placing late-stage bets on other internet companies. Tiger's public investments include Amazon, Alibaba and Netflix.
"They have that background that will help us build a powerhouse technology company over the next few years," Green Bits CEO Ben Curren told CNBC.