Smiling real worker attending a hardware store. interior detail
Tul‘s promise is that hardware stores and businesses in the construction sector can buy everything they need in one place, with a variety of payment terms. Founded in 2020 in Bogota, the startup grew a lot carrying out this mission: it has close to 800 employees, expanded outside Colombia, raised US$181 million in its Series B months ago (led by U.S. fund 8VC) and recently appeared among the top 10 startups in Colombia according to LinkedIn.
Although it had a setback when it closed its operation in Ecuador months ago (it continues in Brazil and Mexico, in addition to Colombia), yesterday it announced a new step forward by obtaining a credit line from Bancolombia for 38 billion Colombian pesos, or about US$7.7 million.
According to the Colombian financial newspaper La República, in order to make the loan, Bancolombia considered that Tul’s model has weight in the national economy, long-term projection and scalability. Quoted by the same media, Juan Jacobo Emura, CFO of the startup, said that this financing demonstrates the market gap that Tul is solving.
Main image: AdobeStock
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