WirelessDevNet.com Press Release
Tapit Raises $2.3m Series A to Expand its NFC Ecosystem Globally
Near Field Communications (NFC) pioneer, Tapit Media Pty Ltd, has completed a $2.3m Series A round led by MPC Ventures Pty Limited, a subsidiary of Sydney based Monash Private Capital Pty Limited. Other investors in the consortium include IT entrepreneurs David Shein and David Thrum, as well as global venture capitalist Jon Medved’s ourcrowd.com. The transaction marks one of the first NFC content delivery related Series A rounds in the world and one of only a handful of Series A transactions in Australia.
Tapit has created an enterprise grade NFC ecosystem to simplify the way people get content and information when they are out and about. All people have to do is tap one of the Tapit symbols with their phone and they access information immediately. No application on the phone is required, the technology reduces the need for search, QR and thumb typing.
Tapit encoded NFC chips are placed in or on physical objects such as outdoor advertising, retail shelves, product packaging, transport timetables, shop windows, food court tables and tourist information points. Once tapped, by an NFC enabled phone, they direct the phone to the Tapit cloud based infrastructure which then delivers the content, coupons or information via mobile data networks. The system then profiles engagement delivering clients detailed reports on people’s physical interactions with the “tapified” objects.
Jamie Conyngham CEO & Co-Founder of Tapit said “The Series A expansion capital will propel Tapit and our concept of ‘Impulse Content’ onto the global stage. The Monash team is the definition of ‘smart money’, as lead investor they are bringing a wealth of high-level contacts, associated companies, financial and M&A experience. This will assist in accelerating Tapit’s growth.”
Geoff Levy AO and Joey Fridman, co-founders of Monash Private Capital commented:
“We have been impressed with the Tapit product offering and management team, and the traction that they have already established with their blue chip customer base. We look forward to working with Jamie, Andrew and team, and assisting them achieve their global expansion strategy”.
The funds will be used to continue Tapit’s rapid traction in the area of NFC marketing with an international focus. In 2012 Tapit executed a number of NFC world firsts in Outdoor Advertising, Retail, Tourism, Small Business and Events.
Andrew Davis, Tapit Head of Operations & Co-Founder added “I’m thrilled with this Series A result. We’re looking forward to scaling our existing relationships with global clients and bringing the magic of Tapit to our new international markets of operation. ”
Some of the biggest companies in the world have now used the Tapit Ecosystem including Microsoft, Samsung, Vodafone, Telstra, HTC, PHD, Universal McCann, Johnston & Johnston, Unilever, Prudential, Clear Channel, JCDecaux, Coca Cola and Virgin Mobile. In 2013, via Monash Private Capital’s network, Tapit will gain an instant footprint in South Africa, Israel, India and Mexico. Additionally, Tapit will expand its sales and marketing operations giving it a local presence in US, UK, Sweden, Japan, Vietnam, UAE, Singapore and potentially China.
ABI Research says 102m NFC handsets were shipped in 2012 and a further 285m to ship in 2013. Nine of the top ten handset makers now have NFC handsets and Samsung is in the lead with the global success of the NFC enabled SIII. According to Juniper, global NFC retail transaction values are now expected to reach US $110bn in 2017.
About Tapit (tapit.com.au)
Founded March 2011, Tapit exists to simplify the way people access information on their mobile phones. Partnering with innovative media & creative agencies, advertisers, retailers, government and media owners, Tapit turns static environments into interactive ones using Near Field Communications (NFC) as the enabler. Tapit is headquartered in Sydney, Australia.
About Monash Private Capital (monashprivatecapital.com.au)
Monash Private Capital is a Sydney based independent principal investment and advisory firm providing capital, asset management and strategic advisory solutions. Key areas of business include real estate, private equity, venture capital and independent advisory services to high net worth and corporate clients.
MPC Ventures, seeks to invest in early and expansion stage opportunities that have a strong competitive advantage, entrepreneurial and passionate founders, globally scalable business models and a plausible exit strategy. MPC Ventures takes a hands-on approach and provides operational support, strategic direction, mentoring, and help open doors. Its venture capital networks extend to the U.S.A., Europe, South Africa and Israel.