Kleiner Perkins to Invest $40 Million in Toronto-Based Tulip.io -- Update

Tulip.io Inc., whose mobile software allows sales associates and retailers to engage more effectively with customers, has raised $40 million in a new round of venture-capital financing led by Kleiner Perkins Caufield & Byers.

The financing, which marks Kleiner Perkins' largest investment in a Canadian technology startup, will help Tulip double its staff, expand to retailers in Europe, South America and Asia as well as develop its software for other industries such as the hospitality sector.

Toronto-based Tulip provides a platform that gives sales associates real-time access to consumer preferences and customer data on a mobile or tablet device. The company's software is already being used by major U.S. retailers such as Hudson's Bay Co.'s Saks Fifth Avenue and Coach Inc., and is used across 25 countries and in 7 languages. It is also a member of Apple Inc.'s Mobility Partner Program alongside International Business Machines Corp., Cisco Systems Inc. and SAP SE.

Read the full story at foxbusiness.com.

Victoria Krisman is Interactive Media Specialist for the Intelligent Community Forum.
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