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Press release content from PR Newswire. The AP news staff was not involved in its creation.

Tulip Raises $28 Million in Series C Funding

June 24, 2021 GMT

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, luxury and retail 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.

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“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 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, Saks Fifth Avenue, Kendra Scott, Kate Spade, COACH, and Michael Kors use Tulip in their stores to elevate the shopping experience, increase sales and improve customer service.

About Arrowroot Capital

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Arrowroot Capital is a global growth equity firm based in Santa Monica, CA, focused on minority, 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.

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SOURCE Tulip