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Online Supermarket Tulips Raises 3M in a Week in its Second Equity Crowdfunding Round

Tulips has already launched four dark stores at Forlì-Cesena, Rimini, Ravenna, and Bologna, and is planning to expand throughout Italy. The state-of-the-art dark stores are hi-tech warehouses that enable increasingly efficient service, especially by optimizing the picking phase (which in the future will be partly managed by robots), to the benefit of the end consumer.

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A little more than a week after its launch, online supermarket Tulips’ second equity crowdfunding round has already surpassed $3.22 million (€3 million), thanks to 99 investors, one of whom invested $2.7 million (€2.5 million).

However, the additional $644,000 (€600,000) is a significant milestone, especially when compared to the round that the company successfully closed in 2020, also on CrowdFundMe, raising, in full lockdown, $322,000 (€300,000) from 198 investors.

The funding raised in the equity crowdfunding campaign, which will end in the second half of June, will be used for increased coverage of the country, with the opening of new dark stores, further technological efficiency and artificial intelligence system enhancement, brand promotion, and the launch of marketing campaigns.

Read more about Tulips and its second equity crowdfunding campaign, and discover the world’s most interesting business headlines with the mobile app Born2Invest. The app provides its readers access to the latest news in global business, stock market, finance news, and also trending topics like bitcoin, cryptocurrency, and biotech.

Present on the market since 2019, Tulips now serves 4,500 customers per month

Tulips has already launched four dark stores at Forlì-Cesena, Rimini, Ravenna, and Bologna, and is planning to expand throughout Italy. The state-of-the-art dark stores are hi-tech warehouses that enable increasingly efficient service, especially by optimizing the picking phase (which in the future will be partly managed by robots), to the benefit of the end consumer.

The warehouses are organized, through Warehouse Management System (a software solution for order management), into shelves and cold rooms in order to better store fresh products. In addition, product storage ensures higher sales margins than other operators in the sector (an average of between 30 percent margin per product), with higher profitability as volumes increase, thanks to economies of scale.

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Present on the market since 2019, Tulips now serves 4,500 customers per month, with a receipt of about $80.5 (€75) per order, average monthly sales of $644,000 (€600,000), or $5.4 million (€5 million) in 2021 (+84% year on year), and an EBIT margin of 7%. In 2020, a major industrial investor entered its capital: MTH (holding company), which brought into the company’s coffers $1.6 million (€1.5 million) through a capital increase and $1.6 million (€1.5 million) in cash contributions for a total of $3.22 million (€3 million); funds needed for territorial enlargement, refinement, and automation of internal processes.

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(Featured image by Fikri Rasyid via Unsplash)

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Anthony Donaghue writes about science and technology. Keeping abreast of the latest tech developments in various sectors, he has a keen interest on startups, especially inside and outside of Silicon Valley. From time to time, he also covers agritech and biotech, as well as consumer electronics, IT, AI, and fintech, among others. He has also written about IPOs, cannabis, and investing.