Check out the 14-page pitch deck from Tulipshare, a trading app that lets users pool their shareholder votes for activism campaigns
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- Tulipshare is a London-based activist investment startup for retail investors.
- The fintech pools individual shareholder rights to vote on ESG topics during shareholder meetings.
- The upstart raised $10.8 million in seed funding, announced December 7.
An up-and-coming fintech is taking aim at some of the world’s largest corporations by empowering retail investors to push for social and environmental change by pooling their shareholder rights.
London-based Tulipshare lets individuals in the UK invest as little as one pound in publicly-traded company stocks. The upstart combines individuals’ shareholder rights with other like-minded investors to advocate for environmental, social, and corporate governance change at firms like JPMorgan, Apple, and Amazon.
The goal is to achieve a higher number of shares to maximize the number of votes that can be submitted at shareholder meetings. Already a regulated broker-dealer in the UK, Tulipshare recently applied for registration as a broker-dealer in the US.
“If you ask your friends and family if they’ve ever voted on shareholder resolutions, the answer will probably be close to zero,” CEO and founder Antoine Argouges told Insider. “I started Tulipshare to utilize shareholder rights to bring about positive corporate change that has an impact on people’s lives and our planet — what’s more powerful than money to change the system we live in?”
The fintech launches specific campaigns aimed at individual companies. Current efforts include stopping JPMorgan’s investments in fossil fuels; allowing independent and third-party technicians to repair Apple products; and ensuring fair and safe working environments for Amazon warehouse workers. Users choose certain campaigns to invest in the targeted companies and pool shareholder power.
After launching in July, Tulipshare submitted a shareholder proposal to Apple in August around its repair policy. In November, Apple announced its Self Service Repair program, which opened up product repairs to trained third-party technicians. Apple directly communicated the change with Tulipshare, Argouges said.
Tulipshare raised $10.8 million in seed funding on December 7 from Eurazeo, Speedinvest, and Frst, with participation from the co-founders of social app Zenly and game-studio Voodoo.
With the new funds, Tulipshare will ramp up hiring in engineering, marketing, compliance, and expand into the US. The upstart plans to hit 100,000 users by next summer, Argouges said.