Kashless, Inc. Acquires Extensive Group Purchasing Patents from Vulcan Capital; Unveils New Local Collective Buying Service Tippr.com

SEATTLE--(BUSINESS WIRE)--Kashless, Inc. today announced the acquisition of an extensive portfolio of group purchasing patents powering Tippr.com, a new local collective buying service being rolled out in Seattle today. The patents, acquired from Vulcan Capital for an undisclosed sum, represent the strongest IP in group buying, and allow Tippr to offer unique and valuable merchant and consumer shopping experiences including accelerating deals and the guaranteed lowest prices in group buying.

“On-Line Group-Buying sale with Increased Value System, Process and Article of Manufacture”

“Vulcan was an early believer in group buying technology, first developed by Mercata in the 90s, and we’re excited to help Kashless apply this technology to the modern e-commerce market to execute on this large market opportunity,” said Steve Hall, Managing Director at Vulcan Capital.

Tippr leverages collective buying power to fulfill consumers’ daily cravings for the guaranteed best deals on goods, services, and events, while supporting local businesses and communities. Unlike other collective buying sites such as Groupon and LivingSocial, Tippr is the only site to offer our patented accelerating deals, which means the deal gets better as more buyers opt in. Tippr is also the first collective buying site to offer a comprehensive price guarantee on all deals. Tippr will also offer multiple merchant deals a day, as opposed to the one daily deal offered by similar sites. Tippr, LLC is wholly-owned by Kashless, Inc. and backed by RRE Ventures, as well as a world-class management team led by Kashless CEO and venture capitalist Martin Tobias.

“We’re excited to support Kashless and Tippr as we expand our local marketplace solutions and introduce an e-commerce platform backed by the strongest IP on record in group purchasing,” said Stuart Ellman, Co-Founder & Managing Partner of RRE Ventures.

Tippr.com officially launched the site and a major advertising campaign in Seattle today, with plans to expand into new cities and partner with additional merchants and publishers in the months to come.

About Tippr

Tippr.com leverages collective buying power to fulfill consumers’ daily cravings for the guaranteed best deals on goods, services, and events, while supporting local businesses and communities. Tippr.com is the only collective buying site to offer our patented accelerating deals, which means the deal gets better as more buyers opt in. Your daily cravings fulfilled. Only @ Tippr. Free daily e-mail and text alerts available.

Join the movement at http://www.tippr.com.

Friend Tippr on Facebook at: http://www.facebook.com/home.php#!/pages/Tippr-Co/264895151600?ref=ts (company news) and http://www.facebook.com/home.php#!/pages/Tippr-Seattle/251619235740?ref=ts (deals).

Follow Tippr on Twitter at: http://twitter.com/tipprco (company news) and http://twitter.com/tipprseattle (deals).

*Tippr is a wholly-owned subsidiary of Kashless, Inc. and an extension of Kashless’ mission and strategy to create e-commerce solutions that promote frugal living and help build sustainable, eco-friendly local communities.

*Kashless acquired the following U.S. patents in this transaction:

U.S. Patent # 7,263,498 "Attaining product inventory groupings for sales in a group-buying environment"
U.S. Patent # 6,631,356 "Demand aggregation through online buying groups"
U.S. Patent # 6,604,089 "Demand aggregation through online buying groups"
U.S. Patent # 6,101,484 "Dynamic market equilibrium management system, process and article of manufacture"
U.S. Patent # 7,107,230 "Dynamic market equilibrium management system, process and article of manufacture"
U.S. Patent # 6,934,690 "System and method for extension of group buying throughout the internet"
U.S. Patent # 7,480,627 "System and method for extension of group buying throughout the internet"
U.S. Patent # 7,194,427 "On-Line Group-Buying sale with Increased Value System, Process and Article of Manufacture"
U.S. Patent # 7,146,330 "Method and Apparatus For Creating And Managing Groups For Increasing Buying Power On The World Wide Web"
U.S. Patent # 7,363,246 "System and Method for Enhancing Buyer and Seller Interaction During a Group-Buying Sale"

*The transaction also included various U.S. Patent Pending applications including "System and Method for Enhancing Buyer and Seller Interaction during a Group-Buying Sale" and others.

About Kashless

Kashless, Inc. is a leading provider of online local marketplace solutions. The company was founded in 2008 by sustainable energy and technology venture capitalist Martin Tobias. Kashless is headquartered in Seattle, Washington and is funded by RRE Ventures.

The company’s first offering, Kashless.org, is an eco-friendly local classifieds site that rewards members for reusing and recycling online. As the world’s largest free online marketplace, Kashless.org includes listings for over 650,000 free second-hand items available in more than 120 U.S. cities and surrounding neighborhoods.

Tippr.com is the second product developed by the Company.