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Sydney NFC newbie gets tapped by investors

Tapit gets VC interest in record time

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Sydney based NFC start-up Tapit Media has secured its first round of seed funding from VC group Sydney Angels.

While the terms of Tapit’s seed investment were not disclosed, the Sydney Angels Sidecar Fund generally invests between $AU100,000 – $AU500,000 in its portfolio companies.

The mobile start-up was founded in March and enables content sharing by tapping an NFC-enabled phone anywhere the Tapit logo can be found. The company raised the seed funding round in record time, just 22 days from the pitch until the round was subscribed for.

The Tapit premise aims to leverage NFC for use in marketing campaigns by working with agencies, brands, handset manufacturers and carriers. Its applications include mobile commerce, coupon distribution, ticketing, surveys and reviews, content delivery, competitions and social community building.

Tapit CEO Jamie Conyngham, said “the speed in which this round was closed is an endorsement of the Tapit team and the business models we have created around our unique NFC enabled technology. Everyone we meet loves the idea of Tapit, it’s addictive.”

Frost & Sullivan forecasts that there will be around 868 million NFC enabled devices by 2015. ®

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