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Tulipop raises 250 million ISK in series A funding

Tulipop ehf., the Icelandic design company behind the Tulipop world and characters, has raised 250 million ISK (2M USD) in Series A funding led by the Icelandic fund Frumtak Ventures, a new investor in the company, and Þorbergur ehf., a current shareholder.

The funds will be used to accelerate the growth of the company, which has developed a popular character goods brand, built around the magical Tulipop island and its inhabitants.
Tulipop has already brought to market an award winning range of quality gift items for kids of all ages, in addition to a popular app and story book based on the Tulipop world.

In 2015 Tulipop entered the world of licensed merhandise when it signed a deal with Toynami, an American toy company, which has made a name for itself as the home for high-quality, highly detailed toys based on some of today's hottest media licenses.

Helga Arnadottir, Tulipop’s CEO, says:

“Since founding Tulipop six years ago, our goal has been to bring the world of Tulipop and its characters to kids around the world – to make Bubble, Gloomy, Miss Maddy and the other Tulipoppers as well known as beloved characters as Hello Kitty, Barbapapa and the Moomins.

The opportunity for character goods brands such as Tulipop is huge, and our mission is to build on the success of our giftware range by bringing it to more markets around the world, and enriching the world by developing new projects in the area of storytelling.”

“Tulipop is an exciting investment opportunity”, says Svana Gunnarsdóttir, General Partner and co-founder of Frumtak Ventures. “This is a company built on Icelandic ingenuity which has a huge potential for international growth. By closing this funding round, the company can leverage the great opportunity that exists for developing the company’s products further”.

Dora Bjorg Marinosdottir, the owner of Þorbergur, who first invested in Tulipop in 2013, says:

“I fell for the aesthetics of Tulipop’s designs on day one and have been pleased with the company’s progress since I became a shareholder three years ago. Now it is time to take the next steps in developing the Tulipop world and it is therefore very positive to bring on board a professional investor such as Frumtak as a shareholder. Together I am certain we can achieve the ambitious vision of Tulipop’s founders’ and make Tulipop a world-renowned brand”.

Tulipop was created in 2010 by illustrator, product designer Signý Kolbeinsdóttir and Helga Arnadottir, who holds an MBA from London Business School. Based in Reykjavik, Iceland, Tulipop has become a household name in its home market in addition to selling its products to around 120 stores in 14 countries.