Khosla Venture leads $10.5 million funding round in mobile shopping outfit Tapingo
05 February 2014 | 1148 views | 0
Tapingo, a mobile shopping platform with contextually-aware native apps for consumers and easy operational integration for merchants, announced today that it has received $10.5 million in Series B funding. Khosla Ventures led the round with participation from existing investor, Carmel Ventures.
With growing traction in various geographies, Tapingo provides the easiest local shopping experience for on-the-go consumers in busy retail environments.
"Tapingo has built a vibrant two-sided marketplace of students and restaurants," said Ben Ling, an investment partner at Khosla Ventures and now Tapingo board member. "Once someone tries Tapingo, they're hooked and active -- using it multiple times a week. Restaurants, meanwhile, see greater efficiency and enjoy more sales. Tapingo creates enormous value for micro-economies like college campuses, and we are thrilled to work with the team and help the company grow."
Tapingo enables discovery and immediate order fulfillment through the only platform targeting busy shoppers in dense retail environments. Tapingo is currently focused on university campuses, perfect closed ecosystems of merchants and consumers who are short on time.
Tapingo is currently fully live at 25 major universities across the country. Within months of going live, campuses have seen up to 40 percent of all transactions are being made through the Tapingo system on any given day. In fact, on these campuses, around 50 percent of the undergraduate population are actively making purchases on Tapingo every week, ordering between four to five times per week.
Since Tapingo's Series A funding round, the service has launched at a variety of high-profile universities, including New York University, the University of Southern California, University of Arizona, Northern Arizona University, Case Western Reserve University and Louisiana State University.
"We're thrilled to close this financing round and to work with Khosla Ventures to bring contextual shopping to campuses across the country," said Daniel Almog, CEO of Tapingo. "We have cracked the code to viral growth at our first 25 campuses. Now it's time to bring Tapingo to the smartphones of students everywhere."