Tulip Retail, the mobile commerce software company with a substantial Waterloo Region presence, has raised a US$40-million investment round led by Kleiner Perkins Caufield & Byers, one of Silicon Valley’s top venture capital firms.
The Series B round, announced Tuesday, will help Tulip accelerate its international growth and fuel innovation, the company said in a release.
With operations in Waterloo Region, Toronto and New York, Tulip makes software that helps retailers and their employers serve in-store customers more effectively by providing real-time information on inventory, pricing and other details. Its platform, already offered in 25 countries and in seven languages, is seeing increased demand in Europe, South America and Asia, which the fresh investment will help it to meet.
“Tulip is now the leader in mobile solutions for retail store workers and this investment will only strengthen that position,” said Ali Asaria, CEO of Tulip, whose company has built client list dotted with such familiar names as Saks Fifth Avenue, Kate Spade, Coach, Frye Boots, Bonobos and Toys”R”Us.
Today’s announcement continues a growth trend that Asaria described in detail to Communitech News last September, as the company marked three years since it was carved off from Well.ca, the e-commerce health and beauty retailer Asaria had also founded.
Asaria told Reuters that Tulip has seen its sales quadruple over the past year and expects them to double annually over the next few years. While large retailers have been acquiring tech companies to help them improve their operations, Asaria further told Reuters that Tulip is not for sale, and that he plans to take it public in five to six years.
Kleiner Perkins, whose investments have included Google, Amazon, Twitter, Uber, Nest and numerous pioneering tech companies, is one of Silicon Valley’s largest and most established VC firms. Mood Rowghani, a General Partner at the firm, will join Tulip’s board of directors.
Rowghani said his firm 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.”
Existing Tulip investors, including U.S.-based Jump Capital, also participated in the Series B round.