San Mateo, California-based Tile, which operates as a smart location company, today announced the close of its $45 million Series C fundraising round, led by Francisco Partners. Existing investors GGV Capital and Bessemer Venture Partners, as well as new investors Bryant Stibel and Silicon Valley Bank participated in the round. Tile said the funding will be used to grow internationally and expand into new products.
Tile Secures $45 Million to Advance Embedded Partnerships, International Growth, Product and Service Expansions
Funding led by Francisco Partners with participation from existing and other investors
SAN MATEO, CA－JULY 24, 2019 －Tile, the world’s leading smart location company, today announced the closing of its Series C fundraising round, with a minority growth investment led by Francisco Partners, a global technology-focused private equity firm. The investment will accelerate plans to expand Tile’s embedded partnerships whereby third party products become findable just like Tile’s popular first party devices. The investment will also allow Tile to grow more aggressively internationally, expand into new product categories, and enhance its Premium service to deliver more peace of mind to its growing community of users.
Tile has grown substantially in recent years as customers increasingly rely on the technology to do more than find lost keys: users now depend on the popular service to remind them if they’ve left for work without their laptop, locate lost luggage, find the family cat hiding in the backyard, and even to keep track of the jacket a child may frequently leave behind. The Company also reports that sign-ups for its Premium service, launched in October 2018, have significantly exceeded initial expectations and will be a key focus going forward. The Company’s growth coincides with a time when daily life is becoming more hectic, leaving the average person spending nearly a year of their lifetime looking for misplaced items.
“Millions of users already trust us to safeguard their belongings and find misplaced items — we will continue to deliver on that promise and more,” said CJ Prober, CEO of Tile. “This investment ushers in a new chapter for Tile: with new products and expanded partnerships, we can better solve the everyday pain point of losing the things that matter most to our global customer base.”
This investment comes as Tile reaches a tipping point with its embedded strategy which began with product partners like Bose, Skullcandy and Sennheiser, and continues to grow with semiconductor partners like Qualcomm, Nordic and Dialog, resulting in millions of Tile-enabled third party devices in several new verticals by the end of this year.
“Tile pioneered the smart location category,” said Andrew Kowal, Partner with Francisco Partners. “With Bluetooth technology projected to be included in nearly 30 billion devices shipping in the next five years, Tile is poised to deliver an embedded finding solution for a rapidly expanding market. We are extremely excited to be partnering with Tile as the company enters the next chapter of its growth story.”
Tile also raised a portion of the Series C investment from existing investors GGV and Bessemer, as well as new investors Bryant Stibel and Silicon Valley Bank.