Amid strong revenue, paid subscriber and partner growth, Tile, a provider of finding technology, raised $40 million of non-dilutive debt financing from Capital IP. The funding will drive continued investment in finding technologies that are built to work for everyone and everything. The news comes as Tile plans to unveil its latest slate of product and feature updates in October.
Tile has experienced strong growth this year. In the first half of 2021, revenue is up more than 50% year-over-year. Tile also recently passed 40 million Tile devices sold, and has more than 425,000 paying subscribers as part of its premium and premium protect programs. In addition, Tile is now embedded in over 40 different third-party devices and products as part of the Find With Tile program. Activations of Tile’s finding technology on these third-party devices have increased over 200% in the first half of the year. New partnerships — like one with Google’s Fitbit to help users keep track of their fitness trackers — continue to expand the variety of devices powered by Tile’s finding technology, which now include everything from wireless earbuds and headphones to laptops to retainer cases to dog collars.
“Tile pioneered the finding category and is well positioned to continue leading it,” CJ Prober, CEO of Tile, said. “As awareness of the category has grown, our strategy of building open, accessible technologies that can be used across platforms and use-cases, and embedded in third-party products, has allowed us to post strong growth this year. This funding will help us further that momentum as we continue to build products and features that work for everyone and everything.”
“We are excited to partner with the Tile team as they continue to define and lead the finding category through hardware and software-based innovations,” Riyad Shahjahan, managing partner at Capital IP, said. “The impressive revenue growth and fast-climbing subscriber trends underline the value proposition that Tile delivers in a platform-agnostic manner, and were a critical driver in our decision to invest. The Tile team has an ambitious roadmap ahead and we look forward to supporting their entry into new markets and applications to further cement their market leadership.”
