Tile, a US-based item location technology provider backed by internet group Tencent, has closed a $25m series B-1 round led by venture capital firm Bessemer Venture Partners.
VC firms GGV Capital and Khosla Ventures also took part in the round, as existing backers, along with growth equity firm and new investor Lead Edge Capital.
Tile has developed a small smart device that can attach to items such as wallets or keychains, enabling users to find them using an app on their smartphones. The round increased its overall funding to $59m.
Tencent led the company’s $3.5m seed round in 2014 and participated in an $18m series B round in June 2016 that was also led by Bessemer, with backing from GGV Capital, Khosla Ventures and Tandem Capital, the accelerator from which Tile emerged.
Tile’s other investors include venture firms Rothenberg Ventures, AME Cloud Ventures and Slow Ventures.
Mike Farley, Tile’s co-founder and CEO, said: “The new capital enables us to accelerate our growth by doubling-down on establishing our iconic brand, expanding our platform strategy and growing the Tile community, which already locates more than 2 million items every day across 230 countries and territories.”