Two Tap, a Y Combinator-backed startup that aims to become the “shopping cart of the entire Internet,” today announced that it has raised a $2.7 million seed round from the likes of Khosla Ventures, SV Angel, Green Visor Capital, Ryan Petersen, Reddit co-founder Alexis Ohanian and Posterous co-founder Gary Tan, in addition to We Funder, Transmedia Capital and Digital Garage.
The company launched earlier this year with the aim to fix mobile checkouts. To do this, it has built what it calls the first automated checkout solution that “allows consumers to buy any product from any retailer on any mobile app or website.” It currently has about 215 retailers in its inventory and the company says that it was about to raise this funding round on the back of impressive growth stats.
According to Two Tap‘s own data, the company has seen a 50x growth in monthly transactions during the past six months (though its baseline was probably relatively low, so it’s best to take those numbers with a grain of salt). Two Tap also says that its solution helps publishers increase their mobile sales conversions by six to 10x, to the point where they are on par with desktop sales.
Using Two Tap’s API, publishers and developers can integrate the service into their mobile sites and apps. In its earliest incarnation, Two Tap also provided tools for retailers who wanted to use its service as a B2C solution themselves. As Two Tap CEO Razvan Roman told me, the company decided to move away from this, however, ” to focus on helping other app devs integrate Two Tap, as each comes with millions of users.”
Some of the services that currently use Two Tap include Kiip, Shopsy and sovrn. Once integrated, Two Tap supports all the major affiliate networks and passes all the transaction data to the retailer, who then handles the payment, order confirmation and fulfillment.
Once users have entered their data into Two Tap once, it should only take them two taps to order from any of the participating retailers. The company recently moved away from passwords and now uses a combination of email addresses and SMS pin codes instead. It also now confirms orders instantly instead of making users wait about a minute as it did in its first version.
“Our mission is to radically simplify online shopping for any product from any retailer on any device,” said Roman in a statement today. “Our latest funding with investors who are very experienced in e-commerce further validates that our unique solution works and will scale faster than any other online checkout solution available today.”