Apr 22, 2022
Infinity VC joins TULU’s US $20M Series A funding round
Infinity VC, a venture capital firm headquartered in New York, announced its participation in a Series A investment in TULU, a smart tech platform that provides building tenants with on-demand access to hundreds of brand name appliances, grocery staples, micro-mobility solutions and entertainment devices.
The funding is led by VC New Era Capital Partners and strategic investors such as Robert Bosch Venture Capital, Kärcher New Venture and Round Hill Ventures. Additional investors include Tal Ventures, AGP Ventures and Infinity Venture Company, along with follow-on investments from existing investors such as Ground Up Ventures, i3 Equity Partners and Good Company, with a goal to reach hundreds of buildings in existing and additional markets in the next 12 months, to feed its Usage Economy platform.
Launched in 2019 in Tel Aviv and now operating on three continents with headquarters in New York, TULU is on a mission to reshape the way urban dwellers use and consume household products, by making them available on-demand. The team already works with the largest landlords in the world such as Greystar, Brookfield, Invesco, and Blackstone in residential buildings, student housing and offices across the eastern United States, the Netherlands, Israel, England, and Ireland. The new funding will allow TULU to pursue new partnerships with landlords and brands, with a goal to reach 1,000 buildings in existing and additional markets, to feed its Usage Economy platform.
Founded by Israeli entrepreneurs Yael Shemer, an environmentalist, and Yishai Lehavi, an architect, TULU team builds an in-building smart platform that provides tenants with on-demand access to appliances, grocery staples, micro-mobility devices, and much more. In 2021, TULU has raised $4.8 million in seed round from various investors in Israel and the US, including Ground Up, i3 Equity Partners, Kairos and Good Company, alongside MIT’s venture fund (MET) and several angel investors.
Giorgi Aleksidze, Managing Partner at Infinity VC said:
“There’s a massive shift in consumer behaviour and this trend will only continue growing. Gen Y and Gen Z consumers are fully usage-driven as opposed to Baby Boomers and Gen X having focus on ownership-driven consumption. TULU has anticipated this change in consumer values, and we are glad to support this diverse team of engineers, designers and data scientists with our investment on a mission to meet the next generation demands.”
Yishai Lehavi, CEO and Co-founder at TULU said:
“The new round of funding will enhance the ability of our platform to power the Usage Economy and accelerate the change in consumption behavior. We are thrilled to partner with so many innovative and forward thinking companies – from both the landlord side and the brand manufacturer side – who use TULU’s platform to elevate their offering to win today’s needs-driven consumers.”
TULU (www.tulu.io) is the usage economy platform and amenity services provider to over 50,000 people in 15 cities across the United States, United Kingdom, Europe and Israel. Founded in 2019, TULU provides building tenants with on-demand access to hundreds of brand name appliances, grocery staples, micro-mobility and entertainment devices, and more. Using IoT, data analysis and smart design, TULU maximizes building space and product usage, encourages a shared economy system and overall sustainable quality of life. To date, TULU has raised $25 million in seed and series A funding.
About Infinity VC
Infinity VC (https://infinityvc.net/) invests in teams and companies from seed to emerging growth stage and provides a powerful combination of capital and alternative resources. The company aims to create breakthrough technologies, transformational business models and strong intellectual property to change the world. In 2021, Infinity VC has invested in Trac, a disruptive music startup that provides recording artists with free unlimited music distribution, and Identomat, a company developing innovative AI-based identity verification solutions.