Online food ordering service Tapingo raises $22 million

Reuters News
Posted: Apr 02, 2015 2:28 PM

SAN FRANCISCO (Reuters) - Mobile food ordering service Tapingo said on Thursday it has raised $22 million in funding, as competition heats up in the market for online delivery services.

The San Francisco company will use the funding to expand beyond the college market. The smartphone app, which is available on 85 U.S. college campuses, allows consumers to order food from a shop or restaurant and pick the order up without waiting in line.

Investors in the new funding round include Qualcomm Inc’s venture capital division, DCM Ventures and Khosla Ventures.

Tapingo recently began offering delivery services and the company aims to expand the number of businesses it works with.

Online food ordering and delivery is an increasingly crowded market with companies such as GubHub Inc, Postmates and Caviar. Established Internet companies such as Google Inc and Inc also have same-day delivery services for groceries and other goods.

(Reporting by Alexei Oreskovic; Editing by Grant McCool)