Tul Raises $181M in Series B Funding

Tul, a Bogota, Colombia-based e-commerce platform that strengthens developing communities by providing locally-run hardware stores with consistent access to construction materials, inventory management capabilities, invoicing services and opportunities to diversify revenue streams, secured $181m in Series B funding.

The round was led by 8VC and extended by Avenir, bringing total funding to date to nearly $210m. Other investors in this round include Monashees, Lightrock, Coatue, Tiger Global, Foundamental, Vine, Marathon Labs and H20.

The company plans to use the funding to accelerate its expansion into Brazil and other markets across Latin America.

Led by Enrique Villamarin, CEO and Co-founder, Tul is a mobile app and B2B e-commerce marketplace that optimizes the construction-material supply chain for hardware stores across Latin America. Launched in March of 2020, the company aims to digitize the operations of remote, local hardware stores which represent 50% of the regions’ construction material sales. The company was launched in Colombia in March 2020. It currently operates in five cities in Colombia, two cities in Ecuador, as well as in Mexico City and Guadalajara, Mexico with plans to expand into Brazil and other Latin American markets. Tul has established relationships with some of the region’s largest construction suppliers, including Gerdau, ArcelorMittal, Ternium, Sika, Wavin, Henkel, Phillips Assa Abloy, Bosch, DeWalt, Milwaukee, Cemex and others.