Series B Round Led by Kleiner Perkins With Participation from Existing Investors Including Jump Capital
NEW YORK, August 22, 2017 – Tulip, a mobile application platform built exclusively for retail stores and sales associates, today announced it has raised $40 million in Series B funding. Kleiner Perkins led the round and joined existing investors, including Jump Capital. Additionally, Mood Rowghani, General Partner at Kleiner Perkins, will join Tulip’s Board of Directors.
Tulip is a mobile commerce platform that allows physical retailers to thrive in the digital age. With Tulip, store associates are empowered with more knowledge and real-time access to consumer preferences, “limitless aisle” product selection, sales checkout, and ongoing communication with clients – all on a mobile tablet or smartphone. Tulip’s applications deliver a modern experience for consumers across all segments of retail, including fashion, home décor, toys, electronics, banking, and healthcare. The company has deployed nationwide store rollouts with leading retailers like Saks Fifth Avenue, Kate Spade, Coach, Frye Boots, Bonobos, and Toys”R”Us.
Tulip will leverage this investment to focus primarily on international growth and innovation. Already deployed across 25 countries and in 7 languages, Tulip is seeing increasing demand for its offering in Europe, South America and Asia and plans to use the funds to expand the organization globally.
“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.”
“Tulip brings the power of e-commerce to the in-store retail experience,” said Mr. 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.”
Dominique Essig, Chief Experience Officer at Bonobos, stated, “Our store growth has been expanding rapidly and we needed a way to provide our in-store associates, or “Guides,” with the tools necessary to serve the customer. Tulip’s mobile platform and applications enabled us to manage the entire customer journey, from the onset of an appointment through shopping the catalog, checkout, and post-appointment. Our reliance on Tulip’s technology let our team focus on driving an orientation to the brand and help more with style and fit guidance.”
Tulip is a mobile application provider focused on empowering workers in retail stores. Partnered with Apple, Tulip’s mission is to harness the power of the world’s most advanced mobile technology to deliver simple-to-use apps for store associates to lookup products, manage customer information, check out shoppers, and communicate with clients. Leading retailers like Saks Fifth Avenue, Kate Spade, Coach, Frye Boots, Bonobos, and Toys”R”Us use Tulip in their stores to elevate the shopping experience, increase sales and improve customer service. For more information, visit https://tulip.com and follow us @tulipretail.
About Kleiner Perkins
Kleiner Perkins partners with the brightest entrepreneurs to turn disruptive ideas into world-changing businesses. With $10 billion raised through 20 venture funds and four growth funds, the firm has invested in over 850 companies including pioneers such as Google, AppDynamics, Amazon, Flexus Biosciences, Nest, Waze, Twitter, JD.com and Square. Kleiner Perkins offers entrepreneurs years of operating experience, puts them at the center of an influential network, and accelerates their companies from success to significance. For more information, visit http://www.kpcb.com and follow us @kpcb.
About Jump Capital
Jump Capital is a venture capital investor specializing in expansion and growth stage investments ranging from $2-$20mm. Jump focuses on opportunities in data-driven, enterprise software companies across a breadth of industries. With offices in Chicago and New York, Jump also provides advocacy and support complemented with institutional-level resources for entrepreneurs. For more information, visit http://www.jumpcap.com and follow us on Twitter @jumpcapital.