CPE News (3/29/2021) – Tyltgo has officially announced the closing of its $2.3 million seed financing led by TI Platform Management with participation of private investors.
The financing, which included conversion of previously issued debentures, closed early this year.
Khaled Hussein, Partner at TI Platform Management and also founder and Managing Director at Stipple Ventures, will join Tyltgo’s board as Chairman.
Founded by Jaden Pereira and Aaron Paul, Kitchener, Ontario based Tyltgo provides white-labelled delivery solutions for retailers.
The new funding will support and accelerate Tyltgo’s expansion across Ontario. The company aims to serve 100 additional retailers by the end of 2021, focusing on the rapidly growing meal kit vertical. Tyltgo currently has nine employees and plans to double the team size over the next two quarters.
photo credit: Tyltgo
News Release
Canadian white-label delivery service Tyltgo raises $2.3 million CAD in seed round
Tyltgo plans to expand across Ontario and serve 100 additional retailers by the end of 2021
March 29, 2021 06:00 AM Eastern Daylight Time
WATERLOO, Ontario–(BUSINESS WIRE)–Tyltgo, a Canadian company enabling white-labelled delivery for retailers through technology, announces today that it has closed an oversubscribed $2.3 million CAD ($1.8 million USD) seed investment. Tyltgo provides merchants with same-day delivery and the ability to customize their post-purchase delivery experience through custom messaging and branding.
The seed round, led by San Francisco-based venture capital firm TI Platform Management, caps a year of 2,000 per cent revenue growth for Tyltgo. In just two-and-half years, Tyltgo has scaled up to work with companies like Bloomex, Canada’s largest flower delivery service, and food technology startups like General Assembly, the world’s first pizza subscription service.
The $2.3 million CAD investment supports and accelerates Tyltgo’s expansion across Ontario. The company aims to serve 100 additional retailers by the end of 2021, focusing on the rapidly growing meal kit vertical. Tyltgo currently has nine employees and plans to double the team size over the next two quarters.
“These are uncertain times for retailers, but Tyltgo helps these merchants connect with their customers in an innovative way that will continue to serve them after lockdown restrictions lift,” said Jaden Pereira, CEO and co-founder of Tyltgo. “This capital will allow us to help more retailers across Ontario and boost local economies.”
Other notable investors in the seed round include Y Combinator and angel investor Charles Songhurst. Khaled Hussein, Partner at TI Platform Management, will join Tyltgo’s board as Chairman. Hussein is also the managing director at Stipple Ventures, co-founder of Tilt and was formerly the payments lead at Airbnb.
“Tyltgo has the potential to be one of Canada’s next great success stories, riding on the e-commerce wave from Shopify,” Hussein said. “Tyltgo’s business model combines several innovations in same-day delivery that will boost Canada’s sharing economy.”
For more information on Tyltgo: https://www.tyltgo.com/
ABOUT TYLTGO
Tyltgo is driven by the mission of connecting people, businesses, and goods using innovative technology to create opportunities and help local economies thrive. Tyltgo serves local retailers by connecting merchants and their customers through a branded delivery service. Tyltgo connects its courier partners with flexible earning opportunities by matching them to the best delivery routes.
ABOUT TI PLATFORM MANAGEMENT
TI Platform Management was co-founded by Alex Bangash and Trang Nguyen in 2015. The firm backs ambitious entrepreneurs creating today’s most disruptive venture structures. TI Platform Management seeks out the world’s most innovative companies and invests in tomorrow’s category-defining leaders. With over $700 million under management, the firm is an investor in market-defining technology companies like Standard Cognition, TruePill, LogDNA, MoneyView and Drip Capital and funds like Initialized Capital, SaaStr, EF, Heavybit and Atomic.
Contacts
For further information: Sabina Wex, sabina@sabinawex.com, 416-970-9182