Apartment Amenity Company TULU Adds Another $5M to Series-A Funding

TULU, which acts as a combination rental center and store within apartment buildings, raised an additional $5 million, adding to its Series-A fundraising and topping it out at a total $25 million.

“The new funds will fuel rapidly growing partnerships with leading property owners and consumer brands, to enhance geographic expansion and data capabilities and to unleash environmental and circular consumption initiatives across the global locations it operates,” a company release says.

The new funding was led by Regeneration.VC along with Proptech VC Trifare, UMTB and existing investors – New Era Capital Partners, Bosch VC arm, Kärcher VC arm, Round Hill Ventures, Tal Ventures, AGP Partners and Good Company.

“TULU provides on-demand rentals of high-quality home products, household items and perishables to reduce the cost of living and minimize waste,” the company says. “Requiring only a wall in a building lobby, tenant lounge, laundry room or bike room, TULU’s IoT-based units provide 24/7 access to a variety of brand name products including vacuums, VR headsets, printing services, e-scooters, bikes, and necessary household supplies. Units are customized to each building’s needs and core tenant base, where users rent or purchase products through the TULU app.”

The company has been successful not only in raising money but claims that it’s partnering with such brands as Bosch, Kärcher, Hoover, and Dremel, and that Greystar Real Estate Partners, Brookfield Asset Management, Invesco, RXR Realty, Silverstein Properties, and CA Ventures are integrating the systems into their buildings. “Since launching in 2019, TULU has served over 50,000 people across 18 cities in the United States, United Kingdom, the Netherlands, Germany, Spain and Israel,” the company says.

However, the concept isn’t all that new. Travelers find such large kiosks, with a variety of products including some higher end electronics, at airports. In 2017, two former Google employees started a company they called Bodega at the time. One of the founders, Paul McDonald, told TechCrunch at the time, “What we’re trying to do is introduce a third option, a new way of buying things. Shrink the store, bring the best parts in a smaller form factor and bring it to where you are.” The press brought a wave of online outrage over the name of the company, as it was aiming to displace the local type of store called bodegas. (The company seems to have changed its name to Stockwell.)

The status of that company isn’t clear. In June 2020, TechCrunch reported that the company would be shutting down by July 1. However, there is an ongoing website with a 2022 copyright date, so who knows?

The basic idea is even older if you call it a vending machine. And that’s fine. The TULU founders have an interesting idea by adding rental equipment to the snacks and whatever availability at all hours. But as Bodega/Stockwell showed before, it takes more than an idea loved by its inventors to make a go at a change in how business and multifamily buildings will work.