London-based activist investment platform Tulipshare has raised $10.8m (£8.15m) in a seed funding round.
The investment was led by Eurazeo, Speedinvest, and Frst, along with the co-founders of social app Zenly, and Voodoo game-studio. As per the company, the funding will be used to hire new talent and add over 20 new personnel as remote hires in its engineering, marketing and compliance roles.
The funding will also be used to support its registration as a broker-dealer in the US.
Tulipshare’s platform pools investments from individual retail investors to give them collective voting power at publicly traded companies. Once shares are unified, Tulipshare speaks directly to a company’s investor relations team. It means retail investors can influence a company’s social, environmental and governance (ESG) direction with an investment starting from £1.
The company says it is currently running four campaigns. One is pushing the right to repair programme at Apple, while another is helping warehouse workers gain better rights at Amazon. It is also pressuring Coca-Cola to use 100% recycled materials in its packaging by 2030, and pushing JP Morgan to stop financing fossil fuels. Apple recently announced a self service repair program for some of its devices and Tulipshare claims that Apple’s investor relations team immediately notified it.
Antoine Argouges, founder and CEO of Tulipshare, said: “There is no universal governance to measure ESG to ensure investments are sustainable. Tulipshare was built to fix this gap in ESG oversight. Through shareholder activism, Tulipshare enables activists to take a stance on major social and environmental issues by grouping their shareholder rights.”
Tulipshare says its platform is promoting corporate transparency. The company’s platform is also open to campaign suggestions from activists in its upcoming proxy seasons.