When the former editor-in-chief of TechCrunch, Matthew Panzarino, joined a startup, it immediately captured our attention. Panzarino, a well-known collector of various items, recently became part of TipTop, a new startup from Postmates founder Bastian Lehmann. The app promises a quick and easy way to sell consumer electronics with instant cash offers and pickup.
TipTop initially focused on the consumer electronics category, offering instant payouts for items like smartphones, iPads, computers, game systems, and cameras. The idea was born from Lehmann’s own desire to declutter a garage, which eventually led to a more specific focus on consumer electronics due to their predictable price decay over time. The team at TipTop began tracking thousands of consumer products, mainly electronics, to predict their value over time.
TipTop’s first product, TipTop Cash, allows users to easily sell their items by connecting their Gmail account and Amazon account to the app, which creates a catalog of purchased items and their respective cash offers. The system works similarly to Shopify’s Shop app’s delivery tracking feature and allows for delivery through UPS Store or Uber couriers.
Despite the potential for higher returns through traditional sales methods, TipTop Cash offers convenience and safety, especially in comparison to marketplaces like eBay or Facebook. Since its launch, TipTop Cash has cataloged $50 million in total receipt value among its users.
Next week, TipTop will introduce push notifications to encourage users to sell when the price is right, with plans to add a camera feature for scanning receipts to get cash offers. Additionally, TipTop is working on a complementary app and payment gateway called TipTop Pay, which will allow consumers to purchase items and pay for them on a monthly basis.
Thanks to successful funding of $23 million in Series A funding from prominent investors, including Andreessen Horowitz and OpenAI CEO Sam Altman, TipTop is well-positioned to pursue its broader roadmap. With a team of 16 members, many of whom are former Postmates engineers, TipTop is gearing up to revolutionize the buying and selling experience for consumers.
