Lula raises seed funding to digitize the convenience store industry and offer an all-in-one delivery solution
PHILADELPHIA – February 3, 2022 – (Newswire.com)
Lula, the all-in-one delivery solution for convenience stores, today announced $5.5M in seed funding co-led by Ripple Ventures, Outlander VC, and Up Partners. The round also had participation from SOSV, simple.capital(), NZVC, Stonks.com, EasyPost, Park City Angels, Alumni Ventures, Broad Street Angels, Ben Franklin Technology Partners, and a number of high-profile angels. Lula is democratizing e-commerce for stores (convenience, gas stations, liquor, general retail, cannabis) that traditionally have not had the means to deliver online using third-party delivery platforms. The funding will be used to expand the rapidly growing network of convenience stores, hire talent, and expand the technology that makes it easy for stores to access every major delivery platform through a single easy-to-use software.
Founded by Drexel University graduates Adit Gupta and Tom Falzani, Lula closed a $1M pre-seed round in summer 2021 and grew to offer delivery in over 30 cities, bringing their total raise to $6.5M within a year. Lula was founded after Gupta’s parents’ convenience store in New Jersey closed down in mid-2020 due to the COVID-19 pandemic. Gupta and Falzani spent weeks trying to help the store survive but were never able to use delivery to boost sales. This drove both to build their own solution that was optimized for an industry that has been underserved by technology giants. Growing their store count over 30% month-over-month, Lula is working to expand to all 50 U.S. states in 2022.
“There are over 150,000 convenience stores across the United States, and over 90% of the population lives within one mile of a store. It’s baffling how hard it is for stores to take advantage of online delivery. Lula aims to make convenience stores just a little more convenient by helping them deliver on every delivery platform online in the easiest way possible,” said Adit Gupta, co-founder and CEO of Lula.
Lula is the only platform in the convenience store segment offering a 0% commission experience for merchants. Hundreds of companies are using the proprietary platform to deliver their store’s items on Uber Eats, DoorDash, Postmates, Grubhub, and other marketplaces directly to customers. Lula was also highlighted by the National Association of Convenience Stores (NACS) ahead of its NACS Conference, which is known to be the largest convenience store industry gathering globally.
“I have worked hard for over 10 years to build my stores, and could never start delivering. It’s just too hard. Adding thousands of my items to several platforms, and managing multiple tablets is close to impossible. I am thankful for Lula to manage my inventory and let me manage all my delivery needs from a single tablet. Lula is a must-have for all retail stores with some of the best customer service I have experienced,” said Mike S., owner of Shell Gas Stations and Convenience Stores.
The pandemic has accelerated the demand for delivery services, at the same time presenting a massive challenge for local convenience store operators. Convenience is no longer the store down the road — it’s delivery. Lula was created to bridge the gap between local convenience stores and delivery services so that online shoppers can order everything from snacks to toilet paper while supporting small local businesses.
“I’m excited to see Lula ramping up to make delivery services accessible to local businesses. The pandemic has hit Main Street hard, and Lula is a great way for local merchants to access the rapidly growing delivery space. Adit and Tom have identified a huge opportunity and I’m extremely proud of Adit’s journey through Ripple X,” said Matt Cohen, Managing Partner of Ripple Ventures.
About Lula
Headquartered in Philadelphia, PA, Lula provides delivery solutions for convenience stores, pharmacies, and CPG brands that lack a secondary sales channel, offering the first multi-vendor 30-minute delivery platform to retail stores. Learn more about Lula at www.luladelivery.com.
Lula is hiring across multiple roles. We’re building an incredible team to make the convenience store industry a little more convenient. Apply here to build the future of convenience: https://careers.luladelivery.com/.
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Original Source:
VCs Deliver $5.5M to Lula Delivery
