SAO PAULO, Jan 11 (Reuters) - Colombian startup Tul, an
e-commerce platform that sells construction materials to
small-sized retailers, announced on Tuesday it has raised $181
million in a funding round as it prepares to expand to Brazil
The funding round, which was led by 8VC with participation
of Avenir Growth, valued Tul at about $700 million. The
Colombian firm already had Softbank Group Corp, Tiger
Global, Lightrock, Coatue, Foundamental, Vine, Marathon Labs and
H20 as partners.
Tul was founded in March 2020 and serves as a connection
between small construction materials retailers and large
suppliers of products such as steel and cement, including Gerdau
SA, Henkel, Tigre, Bosch and Cemex
The Colombian startup owns storage facilities in some Latin
American cities and has a delivery network similar to those of
iFood and Rappi, which allows it to deliver construction
materials in one day.
Tul operates in five Colombian towns, in the Mexican cities
of Mexico City and Guadalajara, and in Ecuador. It expects to
start operating in Sao Paulo, Brazil, by March 2022, while also
looking to expand to Rio de Janeiro and Belo Horizonte later
"We are going to be competitive in terms of prices, but the
main attraction for retailers is the convenience of having their
orders delivered quickly without having to pay a minimum price
for it," Tul's head in Brazil, Bruno Raposo, told Reuters.
The company expects to reach 10,000 customers in Brazil by
the end of 2022.
(Reporting by Aluisio Alves in Sao Paulo
Writing by Gabriel Araujo
Editing by Matthew Lewis)