SAN FRANCISCO – April 2, 2015 – Tapingo today announced a $22 million investment led by Qualcomm Incorporated through its investment arm Qualcomm Ventures. DCM Ventures, Kinzon Capital, and existing investors Khosla Ventures and Carmel Ventures also participated in the round. The company will use the funding to accelerate its expansion beyond the college market, with the goal of transforming local commerce.
Tapingo’s mobile-ordering technology makes buying things quicker and more convenient. It uses machine learning to determine user preferences from everyday behavior, then match those preferences with what’s available nearby.
“When you buy a coffee, you shouldn’t have to wait in line, pay at a register, then wait again,” says founder and 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.”
Since tapping into the college market in 2014, Tapingo has grown from two dozen campuses to more than 85 across the USA. Tapingo currently processes more than 25,000 transactions per day, with the average user transacting more than four times per week—making it larger than any other on-demand ordering service.
“Our vision was always to begin with dense retail ecosystems involving high-frequency transactions. We realized that college campuses were the perfect proving ground,” says Almog. “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.”
Citing the overwhelming popularity of Tapingo among its users, Almog notes that the company has not only confidence in its product but an extremely loyal, growing user base to serve as a foundation for pursuing new verticals. Earlier this year, the company expanded into several new services, including delivery and general campus retail.
"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."
With rapid scaling a priority, Tapingo will use the new round of funding to hire aggressively as well as invest in product development, operations, and marketing.
"Tapingo has used a mobile-first approach to create a win-win for consumers and merchants," says Mony Hassid, Senior Director of Qualcomm Ventures. "We believe that they are uniquely positioned to win the large and growing local-commerce market."
Tapingo helps busy people get what they need—where they need it and when they need it.
Tapingo's native mobile apps combine a rich, intuitive browsing platform with local merchant partnerships. This lets you buy things around you instantly and hassle-free. The product learns your preferences and eliminates stress and wasted time.
Tapingo offers merchant partners simple infrastructure for order processing. It helps merchants gain new customers, grow loyalty and usage among existing customers, and cut costs.
For more information, visit www.tapingo.com and download the Tapingo app from the Apple App Store or Google Play Store.