Mobile Commerce

Tapingo Rings Up $22M To Transform M-Commerce

Tapingo, a mobile app company that enables mobile ordering, announced that is has secured a $22 million investment to help drives its local commerce mission to new audiences.

The investment was led by Qualcomm Ventures. DCM Ventures and Kinzon Capital, as well as existing investors Khosla Ventures and Carmel Ventures also participated in the round. The investment will help the company expand beyond its initial college market, where it has seen success with its young, mobile-friendly population. The technology relies on user preference to help match preferences with the consumer of where they can go for their everyday needs.

“When you buy a coffee, you shouldn’t have to wait in line, pay at a register, then wait again,” said Tapingo CEO Daniel Almog. “Your phone should know what kind of coffee you like and make sure it’s available for you—where you need it, when you need it.”

Tapingo has grown its college footprint from 24 campuses to 85 across the U.S. since it started in the market last year. According to the company, it processes more than 25,000 transactions per day, with most users making four transactions a week. The company chose college campuses because of their concentrated retail markets with consumers who are always on the go.

“Our vision was always to begin with dense retail ecosystems involving high-frequency transactions,” Almog said. “We realized that college campuses were the perfect proving ground. What we didn’t anticipate was how quickly universities and students would adopt this new behavior. This validated our decision to bring the technology to analogous ecosystems.”

One of its investors said the company’s success has stemmed from the fact that it knew exactly what market it should target for its product, which he said shows that mobile commerce can thrive when aimed at the right audience.

“We’ve yet to see this level of engagement in mobile commerce,” says Ben Ling, Investment Partner at Khosla Ventures. “Tapingo has won college, a feat that puts them in a strategic position to win the whole thing.”

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