Tyltgo, a Ontario (Canada) based startup, announced on 29th March 2021 that it has raised CAD 2.3 million in its seed funding round. The round was led by TI Platform Management along with participation from Y Combinator and angel investor Charlie Songhurst.
Investors: TI Platform Management is a California, United States, based investment advisory firm that was founded in 2011 by Alex Bangash and Trang T. Nguyen. Primarily, it offers investment analysis and financial planning to individuals, investors, companies, trusts and more. However it can also be looked at as an investment firm that invests in promising startups that have disruptive venture structures. With over US $ 700 million in assets under management its portfolio includes companies such as Truepill, Standard Cognition, LogDNA and more.
“Tyltgo has the potential to be one of Canada’s next great success stories, riding on the e-commerce wave from Shopify. Tyltgo’s business model combines several innovations in same-day delivery that will boost Canada’s sharing economy.”—Khaled Hussein, partner at TI Platform Management.
Purpose of investments: The current seed round can be seen as an extension of Tyltgo’s Y Combinator led initial seed round that was held in August 2020. The funds of the current round would be utilised by Tyltgo to accelerate its market expansion across Ontario and at the same time to double its headcount over the next two quarters.
Tyltgo was founded in 2018 by Aaron Paul and Jaden Pereira as an innovative same-day delivery service for merchants and customers.
The initial idea for the startup came up when co-founder Jaden Pereira was a student at University of Waterloo. Back then, he had spent two summers working on shipping and receiving, when he realised that a majority of the customers chose to pick up their orders themselves. The main reason for this, as he realised, was that the available delivery options were either too expensive or too slow.
Soon with a raw idea for a startup, he started looking for a partner with a technical background, and that’s how he met Aaron Paul.
Together they built Tyltgo that offered merchants and customers easy and affordable delivery options, while at the same time creating a platform that offered an unparalleled post-purchase delivery experience.
What the CEO has to say:
“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.This capital will allow us to help more retailers across Ontario and boost local economies.”—Jaden Pereira, CEO and co-founder of Tyltgo.
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