Tul announces $ 181 million Series B for further expansion in Latin America, supporting the 600,000 local hardware stores that are the backbone of their communities and a source of development

BOGOTÁ, Colombia, January 11, 2022– (BUSINESS WIRE) – Today, Tul, an e-commerce platform that strengthens developing communities by providing locally managed hardware stores with consistent access to building materials, inventory management capabilities, services billing and opportunities to diversify revenue sources, the announced earned a Series B of $ 181 million. The round was led by 8VC and extended by Avenir, bringing Tul’s total funding to date to nearly $ 210 million.

The company plans to use the funding to fuel its expansion into Brazil and other Latin American markets, where more than 600,000 local community hardware stores account for 50% of the region’s hardware sales, making it an addressable market. total of $ 120 billion. These hardware stores are often the backbone of their respective communities where most of the homes are “do-it-yourself” or build-it-yourself. Due to the small size of the stores, they often face supply chain and inventory management issues.

“We are very pleased with the opportunity for Tul to support the development of local communities in Latin America by partnering with their hardware stores,” said Enrique Villamarin, CEO and co-founder of Tul. “We built this platform to enable the smallest business in the most remote areas – who serve as pillars in their community – to be able to order products, manage their inventory and open up other sources of income as if they were It was a Depot or Lowe’s home in a major American city. The potential for improving lives through technology is incredible and the market opportunity is enormous. “

“We are thrilled to join Tul as they continue to strengthen the underserved hardware ecosystem. Tul serves self-built residential neighborhoods in developing countries, which is essential for the growth and advancement of these regions, ”added Jake Medwell, a founding partner. at 8VC. “I have known the founders since ideation and have seen them evolve rapidly. They are by far the most powerful operators in our portfolio.”

“The Latin American building material supply chain has historically served the neighborhood hardware store poorly; Tul’s technology platform benefits all participants, especially business owners, using data unheard of in this analog industry. The e-commerce marketplace is further digitizing the construction industry through financial technology and other value-added services, ”said Jamie Reynolds, partner and co-founder of Avenir.

The company was launched in Colombia in March 2020. It currently operates in five cities in Colombia, two cities in Ecuador, as well as Mexico City and Guadalajara, Mexico. Tul has strong and established relationships with some of the region’s largest construction suppliers, including Gerdau, ArcelorMittal, Ternium, Sika, Wavin, Henkel, Phillips Assa Abloy, Bosch, DeWalt, Milwaukee, Cemex and others.

Other investors in this cycle include Monashees, Lightrock, Coatue, Tiger Global, Foundamental, Vine, Marathon Labs, and H20.

About Tul

Tul is a mobile app and B2B e-commerce marketplace that optimizes the building materials supply chain for hardware stores in Latin America. Launched in March 2020, its vision is to fully digitize the operations of remote local hardware stores, which represent 50% of the regions’ sales of building materials. Tul operates in Colombia, Ecuador and Mexico with expansion plans in Brazil and other Latin American markets. For more information, visit https://tul.com.co/.

About 8VC

8VC is a leading technology investment firm, investing in visionary teams and supporting companies transforming the industry. The partners have a proven track record as founders, engineers, and operators of successful companies such as Palantir, Addepar, Affinity, and OpenGov, among others. 8VC was founded in 2012 and manages $ 3.6 billion in committed capital. The company primarily invests in smart business platforms across all industries including financial services, healthcare, logistics, bioinformatics and others. For more information, please visit http://8VC.com

About Avenir

Avenir is a growing investment company with over $ 2.5 billion in assets under management. Avenir takes a first-principles approach to identify large markets that are disrupted by new technologies and changing end-user preferences. The company invests globally in high growth companies that define their category and capitalize on these paradigm shifts. The company has made growth investments in markets such as Drizly, Zetwerk, Tul and Dandy; internet companies, including DuckDuckGo, Savage x Fenty, Spinny, Bevi, Fabletics and Cometeer; software companies such as Latch, Mark43, Alloy, Shift Technology, Pax8 and Drift; and fintech companies including Flutterwave, Current, Till Payments and Ramp, among others. Avenir was founded in 2017. For more information, please visit https://www.avenirgrowth.com/

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220111005783/en/

Contacts

Media contacts:
ICR on behalf of Tul
[email protected]

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