Cloud-based software firm Tulip Retail, which provides a mobile app suite for store associates in retail settings, has raised $40 million in its latest funding round. The round was led by American venture capital firm Kleiner Perkins Caufield & Byers.
Although Tulip has seen sales rise four-fold during the past year and projects continued sales growth, the cloud-based software company is not aiming to be acquired. Asaria told Reuters he hopes to launch an initial public offering (IPO) by 2022 or 2023.
Earlier this year, Tulip forged a strategic partnership with behavioral marketing platform SmarterHQ to offer in-store personnel who use Tulip additional access to customer insights based on their activity on retailers’ websites. Tulip aimed to integrate the SmarterHQ technology into Tulip Retail’s mobile app so store associates could access customer activity in both on- and offline channels and incorporate that data into customer profiles.
The data available to store associates between Tulip and SmarterHQ was expected to allow store associates to better personalize product recommendations.