Tulipop Secures $2 Million in Series A Funding

REYKJAVIK, Iceland–(BUSINESS WIRE)–#FrumtakVentures–Tulipop ehf., the Icelandic design company behind the Tulipop world and
characters, announced today that it has raised $2 Million in Series A
funding led by the Icelandic fund Frumtak Ventures, a new investor in
the company, and Þorbergur ehf., a current shareholder.

The funds will be used to accelerate the growth of the company, which
has developed a popular character goods brand, built around the magical
Tulipop island and its inhabitants.

Tulipop has already brought to market an award winning range of quality
gift items for kids of all ages, in addition to a popular app and story
book based on the Tulipop world. In 2015 Tulipop entered the world of
licensed merhandise when it signed a deal with Toynami, an American toy
company, which has made a name for itself as the home for high-quality,
highly detailed toys based on some of today’s hottest media licenses.

Helga Arnadottir, Tulipop’s CEO, says: “Since founding Tulipop six
years ago, our goal has been to bring the world of Tulipop and its
characters to kids around the world – to make Bubble, Gloomy, Miss Maddy
and the other Tulipoppers as well known as beloved characters as Hello
Kitty, Barbapapa and the Moomins.

The opportunity for character goods brands such as Tulipop is huge,
and our mission is to build on the success of our giftware range by
bringing it to more markets around the world, and enriching the world by
developing new projects in the area of storytelling

Tulipop is an exciting investment opportunity”, says Svana
Gunnarsdóttir, General Partner and co-founder of Frumtak Ventures. “This
is a company built on Icelandic ingenuity which has a huge potential for
international growth. By closing this funding round, the company can
leverage the great opportunity that exists for developing the company’s
products further”.

Dora Bjorg Marinosdottir, the owner of Þorbergur, who first invested in
Tulipop in 2013, says: “I fell for the aesthetics of Tulipop’s
designs on day one and have been pleased with the company’s progress
since I became a shareholder three years ago. Now it is time to take the
next steps in developing the Tulipop world and it is therefore very
positive to bring on board a professional investor such as Frumtak as a
shareholder. Together I am certain we can achieve the ambitious vision
of Tulipop’s founders’ and make Tulipop a world-renowned brand

About Tulipop – www.tulipop.com

Created by celebrated Icelandic illustrator and product designer Signý
Kolbeinsdóttir and Helga Arnadottir, who holds an MBA from London
Business School. Tulipop was founded in 2010. Based in Reykjavik,
Iceland, Tulipop has become a household name in its home market in
addition to selling its products to around 120 stores in 14 countries.

About Frumtak Ventures – www.frumtak.is

Frumtak Ventures invests in early stage innovative companies that are
post seed and show great potential for growth. The fund invests
primarily in Iceland but is allowed to invest abroad as allowed by law
in connection with its portfolio investments to ensure success in
foreign markets.

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Helga Arnadottir, CEO
Office: +354 519 6999
+354 857 7761
Email: helga@tulipop.com

Svana Gunnarsdottir, General Partner and co-founder
+354 510 1850
Mobile: +354 866 9520
Email: svana@frumtak.is