Wayv, a startup B2B logistics platform for the cannabis industry, said that it received $5 million round of seed funding from Craft Ventures, a tech investment fund led by entrepreneur David Sacks.

The Los Angeles-based startup provides an e-commerce logistics platform to help licensed firms in California access hundreds of licensed brands and get next-day delivery of goods across the state. The Wayv platform helps licensed retailers maintain current inventory on demand. 

The Wayv technology, originally launched earlier this year, gives retailers and other companies real-time inventory updates and compliance information, which is critical to managing inventory and maintaining growth of these new companies, including retailers, growers, distributors and other firms.

Wayv was founded in 2017, by CEO Keith McCarty, a veteran technology industry executive who previously co-founded social enterprise platform Yammer, which was sold to Microsoft for $1.2 billion in 2012. McCarty later founded the weed delivery startup Eaze, before stepping down as CEO.

Indus Distribution, led by CEO Rob Weakley, partnered with McCarty for the launch of Wayv and is helping the startup connect with licensed retailers. 

Sacks is a former founder and CEO of Yammer and was COO of PayPal.