Tulip Retail secures US $40M Series B led by KPCB

Tulip Retail, a developer of mobile application platform built exclusively for retail stores and sales associates, has secured US $40 million in Series B funding led by Kleiner Perkins Caufield Byers (KPCB) and joined by existing investors, including Jump Capital.

Founded by Ali Asaria, former founder and CEO of venture backed Well.ca, Tulip Retail has raised capital from Fung Capital (Series A), SoftTech VC, Founder Collective, Lerer Hippeau Ventures, iNovia Capital, and other investors.

In connection with the financing, Mood Rowghani, General Partner at Kleiner Perkins, will join Tulip’s board of directors.

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 Rowghani. “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.”

photo credit: Tulip Retail