Universal shopping platform TwoTap recently closed a seed round at 2.7 million dollars in Silicon Valley. Backers include Khosla Ventures, SV Angel, Joseph Saunders (CEO of Visa), Reddit co-founder Alexis Ohanian, Posterous co-founder Gary Tan along with Transmedia Capital and Digital Garage.
The team is planning to use the investment for marketing purposes, adding more people to the team and building the service around its API in order to allow customers to make purchases several times without having to enter their credit card information repeatedly. To make this work, they are using a high level security compliance called PCI DSS-level.
Founded at the beginning of 2013 in Palo Alto, California, the project quickly earned its way in the Valley. Prior to this seed round, TwoTap CEO Razvan Roman and his cofounder Radu Spineanu, became the first two Romanians to be accepted at Y Combinator, bringing them and their project greater attention.
To simplify the online buying process, especially on mobile devices, the founders created an app that works basically as a connector between retailers and customers – where users can buy products from different retailers and put them all in a universal shopping cart paying everything at once.
Among the current number of 215 retailers that use TwoTap are GameStop, Shopsy, Sephora and Kiip, all giving away 15 per cent of their revenue for using the cart platform.
Over the past six months, the company demonstrated a phenomenal growth of nearly 5000 per cent in monthly transactions proving that their business model works and they are well positioned.
