Tile, the maker of Bluetooth-powered lost item finder beacons and, more recently, a staunch Apple critic, announced today it has raised $40 million in non-dilutive debt financing from Capital IP. The funding will be invested in Tile’s finding technologies, ahead of the company’s plan to unveil a new slate of products and features that the company believes will help it better compete.
Apple’s AirTags and further expand its market. The company has been a longtime leader in the lost item finder space, offering consumers small devices they can attach to items — like handbags, luggage, bikes, wallets, keys, and more — which can then be tracked using the Tile smartphone app for iOS or Android. When items go missing, the Tile app leverages Bluetooth to find the items and make them play a sound. If the items are further afield, Tile taps into its broader finding network consisting of everyone who has the app installed on their phone and other access points. Through this network,
Tile can automatically and anonymously communicate the lost item’s location back to its owner through its Tile app. Tile has also formed partnerships focused on integrating its finding network into over 40 different third-party devices, including those across audio, travel, wearables, and PC categories. Notable brand partners include HP, Dell, Fitbit, Skullcandy, Away, Xfinity, Plantronics, Sennheiser, Bose, Intel, and others. The title says it’s seen 200% year-over-year growth on activations of these devices with its service embedded.
To date, Tile has sold over 40 million devices and has over 425,000 paying customers — a metric it’s revealing for the first time. It doesn’t disclose its total number of users, both free and paid combined, however. During the first half of 2021, Tile says revenues increased by over 50% but didn’t provide complex numbers. While Tile admits that the Covid-19 pandemic impacted international expansions, as some markets have been slower to rebound, it has still seen strong performance outside the U.S. and considers that a continued focus.