SAN MATEO — Tile, a maker of smart location technology devices, has completed a Series B-1 round of financing totaling $25 million, led by Bessemer Venture Partners. The announcement comes as the company hit two major milestones: $100 million in 2016 revenue and 10 million units sold to date.
“Already beloved by millions of consumers worldwide, Tile is creating a world where everyone can find everything that matters,” said Mike Farley, CEO and Co-Founder of Tile. “The new capital enables us to accelerate our growth by doubling-down on establishing our iconic brand, expanding our Platform strategy, and growing the Tile community, which already locates more than two million items every day across 230 countries and territories.”
In 2016, Tile expanded internationally with retail presence in Canada, Australia, New Zealand and throughout Europe. The company also released two new products, Tile Slim and Tile Mate, in addition to the introduction of the Tile Platform, which allows other companies to introduce the power of smart location into their own products.
“Not only is Tile solving a very real problem for millions of people every day, but their growth trajectory is also extremely exciting,” said Byron Deeter, Partner at Bessemer Venture Partners. “We’re thrilled to be a part of Tile’s journey as it grows to become a household name and brings the promise of smart location to everything.”
The new financing comes shortly after key executive hires, including Tile’s first CMO, seasoned marketing veteran Simon Fleming-Wood, VP of Strategic Partnerships, Ravi Adusumilli, and VP of Product, Vijay Shankar.
Bessemer Venture Partners led the round with participation from existing investors including GGV Capital and Khosla Ventures, as well as new investor Lead Edge Capital. Tile has secured $59 million in total funding to date.