fbpx

Don't worry, we speak : Español (Spanish), too!

Tul, a Colombian Startup That Supplies Hardware Stores, Received A US$7.7 Million Credit Facility From Bancolombia

The company had a Series B for US$181 million in January.

Don't worry, we speak : Español (Spanish), too!

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 

You may also be interested: Colombian Startup Tul Raises US$181 Million To Digitize Hardware Stores

 

Cristóbal Fredes
Director de Contxto.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

People Are Reading!

Wynwood House, a Peruvian Startup That Rents Out “Hotel-quality” Apartments, Raised...

0
Wynwood House, a Peruvian startup that follows the line of global companies such as Sonder as an alternative to Airbnb, halfway between Airbnb and...