$20K Not Enough: Tile Brings in $2.6 Million on Selfstarter

July 24, 2013

5:26 pm

Last month, the lost and found startup Tile took to Selfstarter, kicking off a campaign to fund their Bluetooth tag. Initially, they had only planned on securing around $20, 000, but today they reported an astonishing $2.6 million in total funding.

Aside from setting the record for most funding on Selfstarter to date, the $2.6 million will complement the $200,000 raised through Tile’s participation in Tandem Capital’s mobile accelerator. The combined funds will ensure that the production and subsequent release will go smoothly.

“The enormous, positive response we have received from everyone during the campaign has been encouraging,” says Mike Farley, cofounder of Tile. “The community has grown significantly over the past month, and we are looking forward to increasing its reach in the years to come.”

Tile functions as a tag that can be attached to any item of value. If you lose that item, the Tile app will be the first place you turn. Walking near your Tile tag will trigger an alert on your phone to let you know you are close: take that, couch!

Additionally, there will be an entire social network in play, too. If you leave your briefcase in a cab, alert your friends and family by marking the item as lost. They will be alerted that it is lost, and if they pass in the zone of the Tile tag, their phone will record the location and send it to you.

The initial rollout of the network could be limited, but the success of the campaign speaks to the possibility of it becoming enormous. You can still order the Tile through the website, and shipping starts this winter.

 

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Will is a Senior Writer with Tech.Co, based out of America's Finest City: San Diego. He covers all territory West of the Mississippi river, digging deep for awesome local entrepreneurs, companies, and ideas. He's the resident Android junkie and will be happy to tell you why you should switch to the OS. When he's off the clock, Will focuses his literary talent on the art of creative writing...or you might find him surfing in Ocean Beach. Follow Will on Twitter @WJS1988

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