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When TechCrunch ’s former editor - in - chief Matthew Panzarinojoined a startup , we knew it was one that would pique our interest . Panzarino , well - known among Trusteeship Council stave as an avid aggregator of everything from brake shoe to novel cooking appliances to iPhones , recently became the latest addition atTipTop , a new inauguration from Postmates founderBastian Lehmann . The app , which includes exigent cash offers and pickup , promises an comfortable way to sell your material .
Such “ stuff ” is something Panzarino would know a bit about , having once joked to staff that “ place are my retreat fund . ” But TipTop today for the most part focuses on the consumer electronics category , not collector ’ detail , pop the question instant payouts for things like smartphones , iPads , computer , game systems , cameras , and more .
Lehmann tells TechCrunch the idea was in the beginning sparked by a desire to cleanse out an overstuffed garage , but he then narrow down on the idea of consumer electronics , as they had a more predictable cost decay over time . Over a class and a one-half ago , pinnacle ’s squad begin tracking 50,000 consumer products — mostly electronics — and then used that data to anticipate what the item would be worth after 6 , 12 , 18 , and 24 months .
“ We ’ve gotten really good at it , ” Lehmann state , adding that they also number to understand there are two value connect with an item — the Mary Leontyne Price that someone is willing to betray for and the price at which someone else is willing to grease one’s palms .
That lead to TipTop ’s first intersection , TipTop Cash , which produce it loose to sell the item you own . The organisation works likewise to Shopify ’s Shop app ’s delivery tracking feature article , in that you also connect your Gmail account ( or shortly , other e-mail ) and optionally your Amazon account . This is done through TipTop ’s mobile app , presently available on iOS only . The process allows super to access your leverage data by way of digital receipts . From there , it creates an in - app catalogue of the items you are known to have purchased and the hard cash offer you could receive by sell them through height .
When you ’re ready to sell , you could either drop the item off at a UPS Store or have an Uber messenger come foot it up . The latter is built on Postmates ’ legal transfer API , now Uber ’s API — something that Apple still uses to power deliveries in the U.S. ( Uber finalized its $ 2.65 billion Postmates acquisition in 2020 . )
“ TipTop Cash works like a reverse Postmates , ” Lehmann explains . “ Postmates made it super easy to get the best of the city into your house . And TipTop Cash makes it incredibly loose to get things that you own out of your household . ”
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While the founding father admits that Peter Sellers could get more for their item if they handled the sales themselves , he believes the public toilet of the instant immediate payment offer will appeal to consumer who do n’t have the meter or tendency to do so .
In one afternoon , you could unload old telephone set , tablets , laptop , tv camera , or play system , and make a bit of change with little trouble . equate that to the more complicated physical process of selling on a marketplace like eBay or Facebook — the latter where mass often spam you with lowball offers or are no - show at pickup . There are safety headache around interact with strangers via the internet as well , which is why many local buy and trade marketplaces suggest meet the great unwashed in public place , not at home , which is less commodious .
Since the app ’s launching in September , TipTop Cash has cataloged $ 50 million in full reception value among its user , Lehmann say .
Next hebdomad , peak will bring push notifications to proactively encourage users to sell when the toll is right . afterwards , it will also impart a camera feature that will allow you to signal the app at items you own or scan paper receipt to get hard currency offers , as well . ( Due to higher fraud risks , these may not be instant cash offer , however . )
assist consumer trade their stuff is only one part of TipTop ’s larger roadmap . The impudent side to selling , of course of action , is buy . This will come in the form ofTipTop Pay , likely a disjoined app and requital gateway where consumers can buy item and pay off for them on a monthly basis . This part will involve partnership that Lehmann aver he ca n’t yet talk about .
“ You only pay off for the value minus the residuary value , ” he tells us . For instance , if an iPhone 15 with 128 GB retail for $ 800 , and the residual time value after a twelvemonth was $ 400 , then TipTop would give you $ 400 for the phone . But if a buyer wanted to use the phone for a year , it would just be $ 400 divided by 12 payment . When they no longer needed the phone , they could discharge it through TipTop Cash and buy their new one .
“ Think about it like an iPhone Upgrade Program for everything that we own or our merchant partners extend , ” Lehmann suggests .
Thanks to Lehmann ’s successful exit with Postmates , bring up funds for his next labor was n’t a challenge . The startup to date has raised$23 million in Series A fundingfrom investors , including Andreessen Horowitz ( Marc Andreessen is on the board ) , plus OpenAI CEO Sam Altman , AngelList carbon monoxide - father Naval Ravikant , and Pinterest , Coinbase , and DoorDash dining table member Gokul Rajaram . Other investor let in Scott Banister , Cyan Banister , Nabeel Hyatt , Dan Romero , Jude Gomila , Sean Plaice , Andy McLoughlin , Jeff Clavier , and Vivek Patel .
Centennial State - founded by Postmates veteransMustafa ( Moose ) RahmanandGregory Carlson , San Francisco – based TipTop is currently a squad of 16 that includes many founding members who were former Postmates engineers .
