Startup City Magazine

Lost Item Tracker Tile Raises $3 million in Series A funding from Khosla Ventures

Bangalore: California based lost item tracker Tile raises $3 million in Series A funding from Khosla Ventures. This new funding is an extension to the $13 million Series A funding Tile raised last fall for funding its Android launch and international expansion. Till date, the company has raised $18.6 million, including the two Series A rounds and the previous being $2.6 million in crowdfunding. The company intends to utilize the funds to continue scaling, introduce new products and expand the platform.
The company has expanded their business outside the U.S. market including Canada, UK, New Zealand and Australia and has also tripled its headcount. Making Tile more broadly available has also led to the increase in its sales. As of last October, Tile claims to have sold over half a million devices and having shipped 300,000 of those. Till date, Tile says it has shipped two million devices. In addition to this, Tile has 250,000 daily active users across 214 countries and territories.

Founded in 2012 by Mike Farley and Nick Evans, Tile is a square –shaped location tracking device and application that makes losing valuable items a thing of the past. Tiles are bluetooth low energy tags that can be attached to our valuable objects so that they can be traced if they go missing.

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