Tulipshare reports 133% rise in users
The activist investing platform is ‘putting the power back into the hands of the people’ by giving them a say in how companies should be run.
Activist investing platform Tulipshare saw its number of UK users surpass 15,000 in Q2, it says, an increase of 133 per cent from Q1.
The company launched last July with a mission to “bring activist investing to ordinary investors” and is focusing on educating its investors on the power of activist investing ahead of targeting a Series A fundraise this year.
The fintech took off following the influence shown by Gamestop investors, and now allows individual investors to buy stock in companies and back campaigns that call for change on issues at these companies.
Over the past year the platform has successfully put forward three proposals, including asking Johnson & Johnson to stop selling cancerous baby powder, calling for Amazon to audit its treatment of works and asking Salesforce to investigate its racial diversity following a series of complaints.
“We have been overwhelmed by the response from investors, who are clearly seeing that investing to change companies from the inside out as a way to protest and as a form of activism,” Tulipshare founder and CEO Antoine Argouges said.
“We’ve also received considerable support from some of the largest investors for our proposals - which shows the potential for collaboration between larger investors and retail investors who have historically been silenced.”
The most successful campaign so far was the proposal for an audit of Amazon working conditions.
A Tulipshare user put forward the campaign and the community of investors backed it.
Despite only have 13 shares of Amazon, Tulipshare managed to secure the backing of more than 44 per cent of Amazon shareholders.
The proposal ultimately did not pass because of Jeff Bezos, who controls 9.8 per cent of shares and voted against the audit, Tulipshare said, but it still shows the potential for collaboration between retail and institutional investors for change.
Argouges noted that there is still a long way to go.
Despite rapid growth for Tulipshare, a recent poll showed that 60 per cent of its investors were unaware that they could vote on how an organisation is run if they own shares in the company.
It now plans to focus on educating investors on the power of activist investing and is targeting a Series A fundraise to expand its market.