Toolio’s Cloud-based Solution Fills Critical Gap in Next-Generation Commerce Tech Stack
NEW YORK, NY, September October 21, 2021 – Inventory is a retailer’s most important and expensive asset, yet most still rely on manual, error prone spreadsheets to make multi-million dollar decisions. Toolio is on a mission to change this with their cloud-based merchandising and inventory planning platform that empowers leading retailers like Chubbies, Mack Weldon, and Rothy’s, a recent customer, to make sure they have the right products at the right place, time and price.
The New York based start up announced today it raised $8 million in a Series A funding round, led by Jump Capital with participation from Rho Capital’s Ignition Fund and existing investors including Founder Collective, Notation Capital, and Max Ventures. This brings the total capital raised to $10.3 million, which follows four quarters of rapid growth as the inventory managed by Toolio surpassed $1 billion and their customer base grew 40% in the last quarter alone.
“Although the shift to direct to consumer over the past 10 years has led to a boom in commerce enablement technology, the crucial discipline of inventory planning and merchandising is still stuck in the past,” says Co-Founder and CEO, Eytan Daniyalzade. “Given the additional complexities caused by COVID-19 including unpredictable demand, supply chain shocks and a leaner, remote workforce, retailers need a more dynamic and tech-enabled approach to planning now more than ever.”
Toolio’s planning platform integrates to the commerce tech stack, automates critical workflows, and leverages advanced forecasting analytics which enables retailers to gain visibility and quickly respond to changes in demand leveraging real time data. Toolio helps retailers save time, improve collaboration in the planning process, and forecast more accurately, leading to reduced out of stocks, improved margins and faster inventory turns.
“The long time challenge retailers have faced around accurate inventory planning has been exacerbated by the recent pandemic and supply chain disruptions,” said Yelena Shkolnik, Partner at Jump Capital. “Jump Capital is excited to work with the Toolio team to provide retailers with modern technology that can improve planning accuracy during such a critical time and reduce the time and resources required to execute this crucial workflow.”
Toolio will use the recent funding to grow their team, deepen the platform's functionality, and expand its ecosystem of integrations to continue on its mission to become the de facto merchandise planning platform for next-generation retailers.
“We are grateful for the support of Jump Capital and our growing investor base and look forward to scaling Toolio’s technology and our dynamic team,” said Toolio CEO Eytan.
Toolio is a cloud-based Merchandising Platform that automates critical workflows, provides real-time insights, and enables remote collaboration, empowering retailers to make faster, data-driven decisions about their most important (and expensive) asset—inventory. Toolio is a global operation with headquarters in NYC and offices in Istanbul, built by an ex-Walmart team of second-time entrepreneurs and backed by top VCs and apparel industry executives.
Press: Alex Jeffrey/Sara Widmann
Gasthalter & Co.