By Aluisio Alves
SAO PAULO (Reuters) – Tul, the Colombian e-commerce platform for building materials for small retailers, announced on Tuesday that it had received a contribution of US$181 million, in preparation for entering Brazil and expanding its operations in Mexico, the two largest economies in Latin America.
The investment, led by venture capital fund 8VC, also involved Avenir Growth and values the business at around US$700 million. The startup already had among its partners the funds SoftBank, Tiger Global, Lightrock, Coatue, Foundation, Vine, Marathon Labs and H20.
Created in March 2020, in Colombia, Tul bridges the gap between the small retail of construction materials, a segment that according to it accounts for about 60% of the sector’s sales, with suppliers of products including steel, cement and finishing materials. , between others.
From manufacturers including names like Gerdau, Henkel, Tigre, Bosch and Cemex, the startup buys large amounts of inputs that are stored in its own warehouses in large Latin American metropolises. In addition, it has a network of outsourced couriers, in a system similar to that used by other app delivery companies, such as iFood and Rappi, which was also created in Colombia.
With this, it promises delivery of orders in just one day. Currently, Tul has operations in five cities in Colombia, in addition to Ecuador, and in Mexico it operates in the markets of Mexico City and Guadalajara.
“We are going to be price competitive, but the main attraction for retailers is the convenience of being able to have their orders delivered quickly with no minimum amount,” Bruno Raposo, Tul’s chief executive in Brazil, told Reuters construction moves about 27 billion dollars a year, according to the startup’s estimates.
Tul’s first operation in Brazil, in São Paulo, should start in March, said the executive, before launching operations in Rio de Janeiro and Belo Horizonte in 2022, reaching 10,000 customers by the end of the year from a estimated total base in the country of around 150 thousand shopkeepers.
According to Raposo, the free fast delivery service is just the first stage of a business model that will later evolve into a marketpace with third-party offers, in addition to including its own financial services and tool rental, among others.
The announcement comes at a time when the real estate sector in Brazil faces a rapid cooling off due to the Central Bank raising the basic interest rate from 2% to 9.25% per year in the last 12 months to combat persistent inflation.
For Raposo, however, this scenario should not have a major impact on the small retail of building materials.
“This segment practically does not depend on financing,” he said.
know more
+ SP: Man dies standing, leaning against car, and scene scares residents on the coast
+ One twin became vegan, the other ate meat. Check the result
+ Reincarnation in history: an age-old belief
+ Andressa Urach asks for money on the internet: ‘Help me pay my card bill’
+ Horoscope: check today’s forecast for your sign
+ CNH: see what you need to know for the application and renewal
+ See which were the most stolen cars in SP in 2021
+ Expedition identifies giant squid responsible for ship sinking in 2011
+ Everything you need to know before buying a crockpot
+ US Agency warns: never wash raw chicken meat
+ What is known about fluorone?
+ Trick to squeeze lemons becomes a craze on social media
+ IPVA 2022 SP: see how to consult and pay the tax
#Tul #Building #Material #Hub #Raises #181M #Expand #Brazil #Mexico