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Colombian Startup Tul Raises US$181 Million to Digitize Hardware Stores

This Series B led by 8VC will help Tul support more of these companies, since they continue to operate as family businesses with manual processes.

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

Tul is a startup dedicated to optimizing the construction materials supply chain. Specifically, it focuses on digitizing hardware stores.

Yesterday, the company announced it closed US$181 million Series B investment round, which adds up to a total US$210 million in funds it has received since February 2020.

This new round was spearheaded by 8VC, a venture capital fund based in Austin, Texas, and expanded by Avenir Growth Capital, a New York-based fund. It also has among its investors monashees, Lightrock, Coatue, Tiger Global, Softbank, Foundational, Vine, Marathon Labs and H20. The last three are funds that have been around since the launch of their seed round.

What Tul, originally from Colombia, plans to do with this new injection of capital is to boost its expansion in Brazil and strengthen its operation in Ecuador, to which $15 million dollars will be allocated.

The digital opportunity for regional hardware stores

Tul currently operates 16 logistics centers from which it distributes material to regional hardware stores. It employs more than 1,000 people directly and around 2,000 indirectly.

In the region, they are serving important suppliers in the construction sector, such as Cemex and Ternium. In Mexico, it provides service to more than 10,000 hardware stores; In terms of investment, it has deployed $20 million dollars for Mexico City and Guadalajara in this country.

On the other hand, in Colombia and Ecuador it has invested $15 million dollars together. It is expected that with the new investment they will soon serve more than 50,000 hardware stores per month.

What Tul means for hardware stores in the region is key. These companies contribute 50% of the sales of the construction sector, but they are generally family businesses that work in a more traditional way and with slower processes. What Tul offers them is precisely helping them in their sales processes and allowing deliveries in less than 24 hours.

Among the products or services that Tul is offering are the possibility of renting construction tools, construction materials, paints and finishes, plumbing and electricity items, and even insurance and even credit for end customers.

You may also be interested: Laika pet e-commerce raises $48 million

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