MassRoots closes $1.07 million private placement of common shares

Company has raised $3.35 million through sale of securities to date

By Susanna Moon

Chicago, July 14 – MassRoots, Inc. said it closed a private placement of its common shares for proceeds of $1,065,500. The transaction was led by members of the ArcView Group, and Chardan Capital acted as the placement agent.

To date, MassRoots has raised proceeds totaling $3.35 million through the sale of its securities, according to a company press release.

“In 26 months and with roughly $2 million, MassRoots was able to grow to 420,000 users, change cannabis app policies at the largest corporation in the world, and become one of the first cannabis-related companies to go public through an S-1 registration statement,” Isaac Dietrich, the company’s chief executive officer, said in the press release.

“We expect this round of funding will enable us start generating scalable revenue and grow to 1 million users by early 2016.”

The Denver-based company offers a semi-anonymous social networking app for cannabis users.

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