As seen on PRNewswire.
KITCHENER, ON – June 24, 2021/PRNewswire – Tulip, a leader in cloud-based retail mobile solutions, announced today that it secured 28M USD in Series C funding to aid plans for future expansion in this exciting time for retail. Arrowroot Capital, a leading US growth equity firm specializing in B2B SaaS, led the raise, and was joined by BDC Capital and existing investors.
Tulip powers behind-the-scenes technology for many of the world’s largest fashion brands including Mulberry, Saks Fifth Avenue, Kendra Scott, Kate Spade, COACH, and Michael Kors.
The expansion includes further plans to grow the sales and marketing team, accelerate road map development and increase global expansion. In addition, Tulip is preparing for its largest product announcement in Q3 2021. During the Covid-19 pandemic, Tulip experienced significant growth as the retail industry doubled down on investments in store innovation.
“We are looking forward to continuing Tulip’s explosive growth experienced through the Covid-19 pandemic with this funding,” says Ali Asaria, Founder, and CEO of Tulip. “The retail landscape is changing, and we want to ensure retailers have the required
technology to enhance the customer experience in their stores.”
“Arrowroot could not be more thrilled to support Tulip at this stage in their growth,” says Matt Klein, Principal at Arrowroot Capital. “We think retail is poised for dramatic change as we come out of the pandemic, and we identified Tulip as the leader when it comes to next-generation store technology for enterprise retailers.”
‘’We are confident that Tulip’s leadership coupled with its team’s strong expertise will continue to drive the company’s growth in the years to come,’’ said Jérôme Nycz, Executive Vice President, BDC Capital. ‘’This new financing from BDC Capital’s Bridge Financing Program will allow the company to tackle new opportunities and expand into this new era of retail.’’
About Tulip
Tulip is the world’s largest cloud-based retail customer engagement platform provider, with best-in-class Clienteling and POS capabilities that let retailers realize the full potential of omnichannel commerce. The world’s most iconic retailers like David Yurman, Versace, Jimmy Choo, Mulberry, Saks Fifth Avenue, Ferragamo, COACH, and Michael Kors use Tulip to modernize the shopping experience, creating personalized shopping journeys that increase sales and improve customer loyalty across channels. Partnered with Apple and Salesforce, Tulip enables retailers to build deeply personal connections with customers, fulfill orders, close out purchases, and maximize store associate productivity and performance.
About Arrowroot Capital
Arrowroot Capital is a global growth equity firm based in Santa Monica, CA, focused onminority, majority, and buyout investments in B2B software companies. The firm serves as a catalyst for growth-related initiatives by partnering with management and leveraging its deep enterprise software expertise to deliver meaningful, tangible value. Arrowroot targets initial equity investments in the range of $5 million to $25 million and has the flexibility to pursue larger opportunities as well as a broad range of transaction types. Arrowroot also targets add-on acquisitions for its portfolio companies with a wider range of size and general criteria. Learn more at arrowrootcapital.com.
About BDC Capital
BDC Capital is the investment arm of BDC—Canada’s only bank devoted exclusively to 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. BDC Capital’s Bridge Financing Program aims to support eligible Canadian venture firm-backed companies
impacted by COVID-19 who may not qualify for many of the federal government relief measures. Visit bdc.ca/capital.
