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Frequent Asked Questions
How do Connectic Ventures & CannGoods work together?
CannGoods is currently the only cannabis company in Connetic Ventures’ portfolio. The company has partnered with Connetic to assist in bringing proprietary AI-Based VC funding to the cannabis/CBD/CPG market. CannGoods’ unique ability to understand the marketplace, together with Connetic Ventures’ ability to find and fund strategic partners, will open the doors for brands and business opportunities.
CannGoods is serving as the primary vetting partner for the funding and operates the initial questionnaires through the Wendal (AI) platform. CannGoods will also aide in the initial due diligence for the companies that make it through the initial vetting (only about 3% of applications pass the initial application process.) Once applicants have passed the initial vetting, they will then be introduced to Connetic Ventures where CannGoods and Connetic Ventures will conduct a final phase of due diligence and decide on funding.
What type of business are you looking for?
The application process is open to any consumer-packaged goods facing or servicing company, from SaaS startups to manufacturing organizations to brands. The proprietary AI-based founder vetting system, Wendal™, allows us to prioritize the important behavioral markers of the founders and founding teams that will lead to success with less focus on the industry, or business opportunity. We invest in the right people and work with them to ensure alignment and success throughout the rest of their operations. Whether you are actively working in CBD, using it as an ingredient only, or currently not using CBD, we are open to all applicants.
Currently, we only accept applications from companies located in the United States and Canada.
If you are a plant-touching operation (farm, extractor, toll-remediator, etc.) you are welcome to apply but there may be additional due diligence required.
Do you provide funding to only CBD focused companies or any CPG company?
While we see CBD as a unique ingredient marketplace that offers a niche for CPG brands, we are open to reviewing and investing in any CPG focused companies.
How much capital do you provide for each company?
We usually write an initial check of $100,000 in the current round. In the follow up-round, we usually will write a second check for around $500,000 if the business has hit its proper milestones.
What business stage should my company be in?
We typically make our first investment in the seed round or Series A, depending on the company, but are open to any phase.