Tulipshare, which stylises itself as an activist investment platform, has raised $10.8m in funding.
With the capital injection, Tulipshare will hire more engineers, marketers, and attorneys to its team.
Since its launch in July 2021, the company has already made several notable efforts in tackling ESG issues.
It recently launched a campaign challenging Apple’s device repair protocol, which it manged to do by buying enough shares to submit a shareholder proposal to Apple and engage with its IR team. Shortly after the campaign, Apple announced repair manuals and device parts would be made available to individual customers through the Self-Service Repair programme. Tulipshare hopes to continue engaging with the IR team for more improvements with the repair programs.
Another campaign recently launched via Tulipshare is one challenging JPMorgan Chase to stop its investment into fossil fuels.
The FinTech company stated thousands of people have shown interested in campaigns on Apple, JPMorgan Chase, Amazon and Coca-Cola.
As for the future, the company has applied for registration as a broker-dealer in the US.
Tulipshare operates as an activist platform that finds opportunities for ethical change within companies publicly traded on the NYSE and NASDAQ. Once a company has been identified, a campaign is built alongside Tulipshare’s legal team, and it is posted on the website. People can join a campaign and invest their money to buy shares in the target company. Once enough shares have been bought by users, Tulipshare makes a shareholder proposal to tackle the faults.
Tulipshare founder and CEO Antoine Argouges said, “There is no universal governance to measure ESG to ensure investments are sustainable. Tulipshare was built to fix this gap in ESG oversight by influencing companies to improve their governance and take responsibility for their impact on people and our planet.
“Through shareholder activism, Tulipshare enables activists to take a stance on major social and environmental issues by grouping their shareholder rights. This is a first in the industry and this record-breaking seed round will help bring the everyday investors into the board rooms. Our goal is to help people globally realise that with a £1 investment, you can be a part of a major change.”
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