Tile Raises $18 Million in Series B
Based in San Mateo, CA, Tile is a smart location company. Recently, it raises a funding of $18 million in Series B that will fuel Tile’s continued growth. Moreover, Tile plans to expand its services across the world and create a new technology platform. The investment round is led by Bessemer Venture Partners. Existing investors like GGV Capital, Khosla Ventures, Tandem and Tencent also participated in the funding round. Bessemer partner Byron Deeter is joining Tile’s board of directors.
Tile’s devices, network and mobile app work together to reduce loss and increase productivity. The company has sold more than five million of its devices to date. Last year, the company brought in $43 million in revenue, and it is on track to double that figure in 2016. Tile’s global community spans 200 countries and territories and helps people locate more than half a million items every day. Tile is a top seller in retail stores and is available online around the world.
“Tile’s addressable market is growing rapidly. By 2020, there will be 34 billion connected devices in the world, up from 10 billion last year, according to BI Intelligence,” said Mike Farley, Co-Founder and Chief Executive Officer at Tile. “We aim to give all of those connected devices—as well as the billions of analog items in the world—the power of smart location. This new capital will enable us to make aggressive steps toward accomplishing that goal.”
Tile has plans to open its platform to other manufacturers so they can embed Tile’s smart location technology into their products. Till date, it is witness a strong growth. Specific plans include introducing Tile devices in new shapes and sizes and expanding Tile’s retail footprint. Additionally, the company is opening up its platform to allow other companies to embed Tile’s smart location technology into their own products.
“We were impressed by how much Tile has accomplished in a short amount of time with very little initial capital,” said Byron Deeter, Partner at Bessemer Venture Partners. “Mike Farley’s ambitious goals for Tile are rooted in providing a simple solution to a universal need. Smart location is an enormous opportunity and has the potential to become the most valuable application for connected devices. With powerful network effects, a foothold in retail and a platform that solves the problem of location for other companies, we are confident Tile will win this emerging category.”
“Bessemer Venture Partners has a strong history of success and a high bar,” said Farley. “Byron’s track record, expertise and contacts in business software and platforms will be significant assets to the company as we continue to cement our leadership position.”
- Recently, it raises a funding of $18 million in Series B that will fuel Tile’s continued growth.
- Moreover, Tile plans to expand its services across the world and create a new technology platform.
- The investment round is led by Bessemer Venture Partners.