One-and-a-half month after Startupbootcamp Amsterdam’s NFC & Contactless demoday recent graduates TagTagCity have announced a EUR1.5 million funding round. The Belgian team has raised this new round from a group of professional and angel investors.
TagTagCity was founded by Geoffroy Simon, Maxime Dewelle and Olivier Poulaert to help local businesses with their mobile presence and provide tourists with localised recommendations. The startup targets the millions SME’s that do not have any mobile presence yet. Its competitors include Foursquare and Yelp, but unlike these US giants TagTagCity does not look to create a new social network. Instead it wants to gather qualitative information about a place by aggregating different channels such as Facebook, Wikipedia and these same Yelp and Foursquare.
Pre joining Startupbootcamp’s accelerator program the Belgian firm had already raised EUR215,000 from Iminds and a Belgian angel investor. Its current EUR1.5 million round was raised from Dutch Javest Investment Fund and a group of (French) angel investors.
Combined with the new funding the team also announced a slight pivot in its business model. It will now start to monetise individual small business owners for providing them with their mobile presence. Businesses pay a monthly fee of EUR5 to keep their company listed on TagTagCity’s service, which includes a complete mobile website, saving them substantially in their development cost.
Photo credit: TagTagCity