CPE News (11/26/2020) – Tulip has raised undisclosed amount from BDC Capital’s matching Bridge Financing program.
BDC Capital’s Bridge Financing program supports eligible Canadian VC-backed companies impacted by COVID-19 and who may not qualify for federal government relief measures. Through this special program, BDC Capital may match, with a convertible note, a financing round being raised through qualified investors.
Neither Tulip nor BDC disclosed the matching round and the qualified investors. Tuplip closed its Series B round in 2017 led by Kleiner Perkins (KPCB) with participation of Jump Capital and other existing investors, Fung Capital, SoftTech VC, Founder Collective, Lerer Hippeau Ventures, Inovia Capital.
Founded by Ali Asaria, former founder & CEO of VC-backed Well.ca, Toronto and Kitchener, Ontario based Tulip is a cloud-based software provider focused on omnichannel mobile solutions for retail stores.
Tulip will use BDC funding to accelerate research and development, grow its sales, and further expand into global markets.
Tulip Secures Growth Capital Financing from BDC Capital
TORONTO, Nov. 26, 2020 /CNW/ – Tulip, a leader in cloud-based retail mobile solutions, announced today that it has secured financing from BDC Capital as part of the bank’s support for high-potential Canadian tech innovators. Tulip will use the financing as capital to accelerate research and development, grow its sales, and further expand into global markets.
Tulip, a privately held Canadian company founded in 2013, has built a world-class cloud-based enterprise software designed to transform the retail experience. Powering behind-the-scenes technology for the world’s largest fashion brands, Tulip has been recognized as one of the fastest growing companies in Canada. The financing will allow the company to invest in product and market development as well as in future acquisitions.
“Earlier this year, there was uncertainty about our industry and how it would be impacted by the pandemic. What we’re seeing is that investing in innovation is now at the top of every retailer’s priorities,” said Ali Asaria, Founder and CEO of Tulip. “As a result, we’re proud to say that this has been the largest year of revenue growth for our company. We’re excited to partner with BDC Capital on this new and exciting phase of expansion in our business.”
“We were impressed by Tulip’s traction with blue-chip luxury brands as well as client retention and adoption for their platform,” said Jérôme Nycz, Executive Vice President, BDC Capital. “Under Ali’s strong leadership, we see Tulip as modernizing the brick and mortar store experience thereby enabling a personalized shopping experience and allowing customers to establish deeper connections with their favorite brands. We look forward to seeing the company’s growth and expansion as we transition out of the crisis.”
Recently, Tulip was recognized by The Globe and Mail as one of Canada’s Top Growing companies by three-year revenue growth. The company also acquired privately held Blueday, a leader in Store Performance Management systems and privately held Timekit, a leader in advanced scheduling and resource management system. The acquisitions were part of the company’s strategic initiative to expand its solutions and help retailers optimize store performance. Tulip was also recognized on Deloitte’s Technology Fast 50 for the second year in a row.
BDC Capital’s Bridge Financing program supports eligible Canadian venture firm-backed companies impacted by COVID-19 and who may not qualify for many of the federal government relief measures. Through this special program, BDC Capital may match, with a convertible note, a financing round being raised through qualified investors.
Tulip is a cloud-based software provider focused on omnichannel mobile solutions for 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 look up products, manage customer information, check out shoppers, and communicate with clients. Leading retailers like Mulberry, David Yurman, Saks Fifth Avenue, Kate Spade, Coach, and Michael Kors use Tulip in their stores to elevate the shopping experience, increase sales and improve customer service.
About BDC Capital
BDC Capital is the investment arm of BDC, Canada’s bank for entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.
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