New Cannabis Ventures Feature
Interview with Trym Co-Founders Karen and Matt Mayberry
Cannabis software company Trym focuses solely on the cultivation sector of the cannabis industry. The platform is designed to help growers scale their businesses and increase profitability. Co-Founders Matt and Karen Mayberry spoke with New Cannabis Ventures about the company’s software, industry integrations and funding. The audio of the entire conversation is available at the end of this written summary.
The Trym Team
Matt and Karen, business partners and spouses, have had a long-time passion for cannabis and plans to build something together. Matt comes from an engineering background and Karen from a marketing background. Together, with their Co-Founder Benjamin Wong, they found an unmet need in the cannabis industry.
Despite the rapid growth and success of the cannabis business, many growers were still running their businesses on spreadsheets and notebooks, according to Matt. They saw the opportunity to launch a solution to help growers manage their businesses.
Today, Matt serves as CEO, Karen as Marketing Director and Wong as COO. Trym has built a team with a strong blend of cannabis and tech experience. For example, Head of Engineering Ryan Tucker brings experience from HBO and Amazon. Trym also has team members who have worked with companies like Baker Technologies and Greenbits.
The Trym platform has four components: environmental monitoring, a task management and workflow module, analytics and a Metrc integration. The Metrc integration, which helps users manage compliance reporting, is available in California, while the other three parts of the platform are available across the company’s entire footprint.
The Trym team is also busy developing new features based on feedback from clients. Recently, the company rolled out a new harvest planner to plan ahead and track production. And, it is in the process of overhauling its mobile app and deepening its analytics capabilities.
Customer Base and Market Reach
Trym serves customers ranging from smaller craft growers to large enterprise-scale MSOs. Companies like Happy Valley, Pearl Pharma and Cresco Labs are among its clients.
The company is based in California, and the majority of its customers are in that market. But, it operates in a total of 15 states. The Trym team is excited about emerging markets, evaluating its options when it comes to potential expansion.
Integrations and Partnerships
Trym’s focus on cultivators is one of its major differentiators, and the company will continue on that path. But, it seeks to serve other license types via integrations, according to Karen. By partnering with other companies in the space, Trym can begin to serve as more of an end-to-end solution.
It has already done integrations with companies like Metrc and environmental control companies like TrolMaster and Argus Controls. Trym has also integrated with manufacturing software company Backbone. If the company sees potential value for customers in an integration partnership, it is interested in evaluating that opportunity.
Trym is unique in the cannabis space in that there is no one company that does exactly the same thing. But, it still faces competition, depending on the specific needs of its clients. If a client is looking for a compliance solution, Trym could be competing against traditional track and trace systems. Or, vertically integrated companies may be looking for an all-in-one solution that addresses manufacturing and retail in addition to cultivation.
For cultivation clients considering their options, Trym can offer a comprehensive solution that caters to their needs. Many other systems are spread thinner, building capabilities for cultivation, manufacturing, distribution and retail.
When it comes to vertically integrated clients, Trym is working to become a broader solution by developing more integration partnerships. That way it can maintain its cultivation niche while extending its solutions to other market segments.
Seed Round and Future Funding
Initially, the company’s co-founders bootstrapped the company. This fall, Trym announced its $3.1 million seed round with backing from investors like 7thirty Capital, Delta Emerald Ventures and WelCan Capital.
The company is taking a very conservative approach to allocating its capital, focusing on building its operations and software. It has an extensive roadmap with defined milestones, stretching out into the future. As it achieves those goals, it will form new ones and eventually need more capital. The company likely has another fundraising round in its future, according to Matt.
Trym commercialized its platform in Q3 of last year, moving out of testing and into sales. It ended the year with relatively small revenues, and it is aiming to close out this year at 8x, according to Matt.
Inbound leads, MRR, ARR, weekly growth, and customer churn are all important metrics as Trym continues to grow. And, it has a lengthy roadmap ahead, with more features to build and market share to gain. The Trym team is focused on keeping its delivery dates tight and investing in its team. For the time being, continuing to build its presence in the California market remains a priority.
Article written by Carrie Pallardy for New Cannabis Ventures