Mobile Shopping App Tapingo Raises $10.5 Million
Tapingo, a location-aware mobile shopping app, just capped off a $10.5 million series B round of funding. Khosla Ventures led the round and Carmel Ventures, an existing investor, chipped in, too.
Tapingo has launched only at colleges thus far, deploying at 25 university campuses including the University of Southern California, New York University and the University of Arizona. In some spots, Tapingo has reported seeing as much as 40 percent of all transactions directed through its app. Tapingo has primarily been used as a food/drink ordering service up to this point.
Tapingo CEO Daniel Almog said the company will continue with its plans to reach more college campuses but will eventually extend the service to the rest of the world.
“We will go beyond colleges but the immediate focus for the next year and a half is to really saturate this market,” said Almog.
The app allows users to order and pay—using a credit card, PayPal or a university meal plan—from a mobile device. That order then goes directly to a restaurant, typically, that can then optionally notify via text message when the order is ready or just call out the name on the order the old-fashioned way.
The app is available for Android and iOS and Tapingo also has a Web portal for ordering.