When For Millionaires’s former editor-in-chief Matthew Panzarino joined a startup, we knew it was one that would pique our interest. Panzarino, well-known among TC staff as an avid collector of everything from shoes to novel cooking appliances to iPhones, recently became the addition that is latest at TipTop, a brand new startup from Postmates creator Bastian Lehmann. The application, including immediate cash provides and pickup, claims a less strenuous method to offer your material.

Such “stuff” is one thing Panzarino would understand a little about, having once joked to staff that “shoes are my your retirement investment.” But TipTop these days mainly targets the buyer electronic devices group, perhaps not collectors’ things, providing immediate payouts for things such as smart phones, iPads, computer systems, online game methods, digital cameras, and much more.

Lehmann informs For Millionaires the concept ended up being initially sparked by a desire to completely clean aside an garage that is overstuffed but he then narrowed on the idea of consumer electronics, as they had a more predictable price decay over time. Over a and a half ago, TipTop’s team began tracking 50,000 consumer products — mostly electronics — and then used that data to predict what the items would be worth after 6, 12, 18, and 24 months.

“We’ve year gotten excellent that they also came to understand there are two values associated with an item — the price that someone is willing to sell for and the price at which someone else is willing to buy.

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TipTop

That led to TipTop’s first product, TipTop Cash, which makes it easy to sell the items you own at it,” Lehmann says, adding. The system works similarly to Shopify’s Shop app’s delivery tracking feature, in that you also connect your Gmail account (or soon, other emails) and optionally your Amazon account. This is done through TipTop’s mobile app, . The process allows TipTop to access your purchase data by way of digital receipts. From there, it creates an catalog that is in-app of things you are recognized to have bought additionally the money give you can obtain by offering all of them through TipTop.

whenever you’re prepared to offer, you can easily often drop the product down at a UPS shop or have an Uber courier come select it. The latter is made on Postmates’ distribution API, now Uber’s API — something that Apple still uses to energy deliveries into the U.S. (Uber finalized its $2.65 billion Postmates purchase in 2020.)

“TipTop Money works like a reverse Postmates,” Lehmann explains. “Postmates managed to make it quite simple to obtain the most useful regarding the town to your household. And TipTop Money causes it to be extremely simple to get items that you possess from your home.”

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TipTop

While the creator acknowledges that vendors could have more because of their product themselves, he believes the convenience of the instant cash offer will appeal to consumers who don’t have the time or inclination to do so.

In if they handled the sales one afternoon, you could unload phones that are old pills, laptop computers, digital cameras, or video gaming methods, making a little bit of modification with little to no hassle. Compare that towards the more process that is complicated of on a marketplace like eBay or Facebook — the latter where people often spam you with lowball offers or are no-shows at pickup. There are safety concerns around interacting with strangers via the internet as well, which is why many buy that is local trade marketplaces advise satisfying folks in public areas, perhaps not in the home, which will be less convenient.TipTop Pay,Since the app’s launch in September, TipTop money has actually cataloged $50 million as a whole receipt worth among its people, Lehmann says.

Next few days, TipTop will include push notifications to proactively motivate people to market once the cost is appropriate. Later on, it will likewise include a camera function that will enable one to aim the application at things you very own or paper that is scan to get cash offers, as well. (Due to higher fraud risks, these may not be cash that is instant, nevertheless.)

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TipTop$23 million in Series A fundingHelping consumers offer their particular things is one element of TipTop’s bigger roadmap. The side that is flip selling, of course, is buying. This will come in the form of

likely a separate app and payment gateway where consumers can purchase items and pay for them on a basis that is monthly. This component shall involve partnerships that Lehmann says he can’t yet discuss.Mustafa (Moose) Rahman“You only pay for the value minus the value that is residual” he informs us. For instance, then TipTop would give you $400 for the phone if an iPhone 15 with 128GB retailed for $800, and the residual value after a year was $400. But if a buyer wanted to use the phone for a it would just be $400 divided by 12 payments year. They could unload it through TipTop Cash and buy their new one.

“Think when they no longer needed the phone That we own or our merchant partners offer,” Lehmann suggests.(*)Thanks about it like an iPhone Upgrade Program for everything to Lehmann’s exit that is successful Postmates, raising funds for his next project wasn’t a challenge. The startup to date has raised (*) from investors, including Andreessen Horowitz (Marc Andreessen is on the board), plus OpenAI CEO Sam Altman, AngelList co-founder Naval Ravikant, and Pinterest, Coinbase, and DoorDash board member Gokul Rajaram. Other investors included Scott Banister, Cyan Banister, Nabeel Hyatt, Dan Romero, Jude Gomila, Sean Plaice, Andy McLoughlin, Jeff Clavier, and Vivek Patel.(*)Co-founded by Postmates veterans (*) and (*), San Francisco–based TipTop is currently a team of 16 that includes founding that is many have been former Postmates designers.(*)

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