WATERLOO, Ont. — Tyltgo, a Canadian company that connects merchants and customers via white-labelled same-day delivery, has closed an oversubscribed seed investment of $2.3 million.
Led by San Francisco-based venture capital firm TI Platform Management, the seed round caps a year of 2,000-per-cent revenue growth for Tyltgo. In less than three years, Tyltgo has scaled up and currently works with companies such as the flower-delivery service Bloomex and General Assembly Pizza.
With this $2.3-million investment, Tyltgo plans to accelerate its expansion across Ontario, with the goal of serving 100 additional retailers by the end of 2021. The company will focus on the meal-kit vertical and plans to double the size of its team over the next two quarters.
“These are uncertain times for retailers, but Tyltgo helps these merchants connect with their customers in an innovative way that will continue to serve them after lockdown restrictions lift,” says Jaden Pereira, CEO and co-founder of Tyltgo. “This capital will allow us to help more retailers across Ontario and boost local economies.”
Other investors in the seed round include Y Combinator and angel investor Charles Songhurst. Khaled Hussein, partner at TI Platform Management, will join Tyltgo’s board as its Chairman.
“Tyltgo has the potential to be one of Canada’s next great success stories, riding on the e-commerce wave from Shopify,” says Hussein. “Tyltgo’s business model combines several innovations in same-day delivery that will boost Canada’s sharing economy.”