Home » Investment » Tulip raises $40 million in Series B funding to fuel international growth
Connecting retailers with consumers one country at a time. | Image screenshot: tulip.io

Tulip raises $40 million in Series B funding to fuel international growth

Tulip, a Toronto-based a mobile app for retail associates, has raised $40 million in Series B funding. The company has raised a total of $51.2 million to date.

The round was led by Kleiner Perkins, with participation from existing investors, including Jump Capital.

As part of the new investment, Mood Rowghani, general partner at Kleiner Perkins, will join Tulip’s board of directors.

“Tulip is helping modernize brick and mortar stores by enabling a more personalized and intimate experience for consumers while helping them establish an on-going relationship with their favorite brands,” Rowghani said in a statement. “We invested in Tulip because Ali and his leadership team have the right long-term vision and are years ahead of the competition in a market that is ripe for change.”

Ali Asaria launched Tulip in 2013 as a mobile commerce platform that aids retail associates in brick and mortar environments. It is designed to give retailers knowledge and real-time access to consumer preferences, “limitless aisle” product selection, sales checkout and ongoing communication with clients, all from a smartphone.

Tulip’s applications work for consumers in many different segments, including fashion, home decor, toys, electronics, banking and healthcare. The company currently serves leading retailers like Saks Fifth Avenue, Kate Spade, Coach, Frye Boots, Bonobos and Toys R Us.

The platform is currently already being used in seven languages, across 25 countries. However, the company said it is seeing increased demand in Europe, South America and Asia. The investment will be used to focus on international growth and innovation, as Tulip has plans to expand the platform globally.

“Tulip is now the leader in mobile solutions for retail store workers and this investment will only strengthen that position,” Asaria, CEO of Tulip, said in a statement. “We selected Kleiner Perkins because their vision for the future is as ambitious as our own. Kleiner Perkins has a track record of working with founders to think bigger and longer term when it comes to strategy and market opportunities.”

By Olivia Coles



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