Toronto-based Tulip Retail has raised a $50 million CAD Series B led by Kleiner Perkins. Existing investors, including Jump Capital, also joined the round.
Tulip’s mobile platform allows retail store associates to use a tablet or smartphone to access customer preferences, complete sales checkout, and communicate with clients. The company’s customers include Saks Fifth Avenue, Kate Spade, Coach, Frye Boots, Bonobos, and Toys “R” Us.
“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. “We selected Kleiner Perkins because their vision for the future is as ambitious as our own. As investors in technology pioneers like Amazon, Google, Slack, and Stripe, Kleiner Perkins has a track record of working with founders to think bigger and longer term when it comes to strategy and market opportunities. We will use this funding to continue to invest in innovation and resources focused on making our customers even more successful.”
The company plans to use the funding to focus on international growth. The platform is used in 25 countries and in seven languages, and Tulip said it is seeing demand for its product in Europe, South America, and Asia. While the company is headquartered in Toronto, its development headquarters are in Kitchener — and the company is hiring in both cities.
“Tulip brings the power of e-commerce to the in-store retail experience,” said Mood Rowghani of Kleiner Perkins. “In doing so, it 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. 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.”