Tile, the tiny Bluetooth tracker and companion app that keep people connected to the things that matter to them most, announced on Thursday that it has secured $18 million during a Series B funding round, which was led by Bessemer Venture Partners.
Tile was one of the first super successful self-crowdfunding campaigns. The company kicked off its crowdfunding campaign in 2013 and generated over $2.6 million in 34 days. It also has received a capital infusion from Khosla Ventures in the amount of $3 million during its Series A extension round, which came at a time when Tile reportedly shipped over two million devices as it closes in on its second anniversary.
“Tile’s addressable market is growing rapidly. By 2020, there will be 34 billion connected devices in the world, up from 10 billion last year, according to BI Intelligence.We aim to give all of those connected devices — as well as the billions of analog items in the world — the power of smart location. This new capital will enable us to make aggressive steps toward accomplishing that goal.”
Byron Deeter, partner at Bessemer Venture Partners, commented:
“We were impressed by how much Tile has accomplished in a short amount of time with very little initial capital. Mike Farley’s ambitious goals for Tile are rooted in providing a simple solution to a universal need. Smart location is an enormous opportunity and has the potential to become the most valuable application for connected devices. With powerful network effects, a foothold in retail and a platform that solves the problem of location for other companies, we are confident Tile will win this emerging category.”
Farley then added:
“Bessemer Venture Partners has a strong history of success and a high bar. Byron’s track record, expertise and contacts in business software and platforms will be significant assets to the company as we continue to cement our leadership position.”
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