Tile, a San Mateo, CA-based smart location company, completed a $25m Series B-1 round of financing.
The round was led by Bessemer Venture Partners with participation from existing investors including GGV Capital and Khosla Ventures, as well as new investor Lead Edge Capital.
The company, which has secured $59m in total funding to date, intends to use the capital to accelerate growth by establishing its brand, expanding its strategy, and growing the community.
Led by Mike Farley, CEO and Co-Founder, and recently hired Simon Fleming-Wood, CMO, Ravi Adusumilli, VP of Strategic Partnerships, and Vijay Shankar, VP of Product, Tile provides smart location tags, devices network and a mobile app that work together to enable people to locate the things that matter to them most. Its global community spans 230 countries and territories and allows people to locate more two million items every day.
In 2016, the company expanded internationally with retail presence in Canada, Australia, New Zealand and throughout Europe and released two new products, Tile Slim and Tile Mate, in addition to the introduction of the Tile Platform, which allows other companies to introduce smart location into their own products.
The company reached $100m revenue in 2016 with 10m units sold to date.