Israel’s TULU, a startup that has developed a technology platform that provides building tenants with on-demand access to quality home products, has closed a $20 million Series A funding round, TechCrunch reported last week.
The round was led by investment firm VC New Era Capital Partners, Robert Bosch Venture Capital, Karcher New Venture and RoundHill Ventures, along with contributions from Tal Ventures, AGP Venture Company, Ground Up Ventures, i3 Equity Partners and Good Company.
Founded in 2018 by Israeli entrepreneurs Yishai Lehavi and Yael Shemer, TULU aims to transform the way building occupants access and rent household and lifestyle products such as branded appliances, DIY equipment and entertainment equipment to reduce waste and to reduce the cost of living in the city the settings. TULU’s mobile app lists available supplies in nearby storage units equipped with IoT devices that track a product’s usage, allowing renters to know the exact, real-time availability status of a particular item. Units will be customized to each building’s needs and primary tenant base.
The new funding will allow Tulu to forge new partnerships with landlords and brands to reach 1,000 buildings in existing and additional markets, according to TechCrunch.
Since launching the platform in 2019, TULU says it has served the household needs of more than 50,000 people in 15 cities across the US, UK, Ireland, the Netherlands and Israel. The platform is used by a number of prominent landlords such as Greystar Real Estate Partners, Brookfield Asset Management, Invesco, Round Hill Capital, RXR Realty and CA Ventures.
“The idea behind TULU is simple – it doesn’t make sense for everyone to own a drill, a vacuum cleaner, an e-scooter or even a printer. We created the platform to give city dwellers the choice to lead a minimal, sustainable and affordable lifestyle, a rarity in traditionally small city apartments,” said Yael Shemer, chief customer officer and co-founder of TULU, in a statement and Efficient Access to Household products renters want access to without the cost and hassle of ownership. We welcome the opportunity to rethink traditional consumer behavior and continue to create sustainable and accessible convenience.”
“TULU is emerging as a leading vehicle in a fundamental paradigm shift in consumption, moving from an acquisition model to an on-demand model,” added Yishai Lehavi, CEO-Co-Founder of TULU. “Our platform eliminates the distance between the end users and the products and delivers the products as the last step, exactly where people live, work and play – in buildings.”