Israeli-founded mobile-shopping platform Tapingo secures additional $22 million to transform local commerce
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.
is led by founder/CEO Daniel Almog and CTO Udi Oster, who met in the IDF’s
intelligence unit. Its mobile-ordering technology is designed to make buying
things quicker and more convenient. Tapingo uses machine-learning technology to
determine user preferences from everyday behavior, then match those preferences
with what’s available nearby.
you buy a coffee, you shouldn’t have to wait in line, pay at a register, then
wait again,” says 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 went viral at the College of Management in Rishon Le’tziyon, Almog and
Oster moved to the USA to tap into its large college market. Since then,
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.
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.”
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.
key to winning the on-demand space is to become part of a consumer’s everyday
routine,” says Almog. “We’ve achieved this at an unprecedented scale in our key
markets. With this foundation, we’re ready to take the next leap.”
rapid scaling a priority, Tapingo will use the new round of funding to hire
aggressively as well as invest in product development, operations, and
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
helps busy people get what they need—where they need it and when they need it.
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
offers merchant partners simple infrastructure for order processing. It helps
merchants gain new customers, grow loyalty and usage among existing customers,
and cut costs.
received a Series A investment led by Carmel Ventures and a Series B investment
led by Khosla Ventures prior to the current funding round.
more information, visit www.tapingo.com and download the Tapingo app from the Apple App
Store or Google Play Store.