Bump Technologies, maker of an app that lets smartphone users swap information by bumping phones, has announced that it has closed a round of funding that saw the company raise $16 million in venture capital.
Andreessen Horowitz — recently cited for its contributions to Groupon’s mammoth round of funding — becomes Bump’s latest investor, and joins previous investors Sequoia Capital, Sherpalo Ventures and SV Angel, who also contributed to the $16 million effort.
The Bump app launched in the iTunes App Store in 2009 as a way for iPhone users to exchange information, like names and numbers, without having to resort to the traditional business card swap. The Bump app has since appeared for Android devices.
Bump’s latest update sees the app extending into the social network realm. Android and iPhone users can now share photos, music, and locations and also add contacts to social networks — all through the physical “bump” gesture that has been the app’s signature from its inception.
No official word as to how Bump plans on using its newly acquired cash. One possibility is that the company will look into monetizing its app by partnering with businesses who could use the app’s location based network to offer customers discounts and coupons.
Bump claims that its app is currently used on 25 million Android and iOS devices. The Bump app is available for free in both the Android and iTunes app stores.