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.
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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.
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.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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