LOS ANGELES–(Business WIRE)–Flip, the upcoming-generation e-commerce platform combining a TikTok-like discovery practical experience with a premium e-commerce service, introduced a $60 million Collection B funding round at a valuation of $500 million. The funding spherical was led by WestCap with participation from past traders Mubadala Capital and Streamlined Ventures, bringing the company’s complete capital raised to $95 million.
The Series B spherical follows a time period of swift progress in which Flip grew its person base by 500% due to the fact the beginning of 2022, whilst increasing transactions on the platform by more than 600% throughout that exact same interval. The company strategies to use the funding to broaden the team, deepen its manufacturer partnerships, and launch its personal 3rd-occasion social commerce market this summer time.
Flip crafted an encounter that combines the electric power of social discovery with the advantage of e-commerce in an organic style. Shoppers go to Flip as a solitary vacation spot to learn and learn about products via 60-2nd movies of person-produced information that are immediately shoppable, with a a person-click checkout and exact day transport. Consumers can then convert into creators by sharing their very own video reviews and monetizing them as other end users in the neighborhood interact and store as a result of their material.
“Our thesis from day 1 was that the potential of commerce is centered around people. No a person sells a item better than the purchaser that has bought that merchandise many times, and we see that each working day on Flip,” claimed Noor Agha, Founder and CEO of Flip. ”Through our patented technologies that dynamically connects digital articles to bodily goods, we have made a seamless discovery-to-purchase cycle where by people can store promptly by means of content material, share their very own movie evaluations of solutions they’ve procured, even though monetizing their content material in excess of time. It’s the starting of the future period in e-commerce.”
As the guide trader, WestCap will leverage its skills in scaling and operating major technology marketplaces, like Airbnb, iCapital, GoodLeap, StubHub and Hopper. Tina Yuan, Vice President of Investments at WestCap, will sign up for Flip’s Board of Directors, and Brian Reinken, Companion at WestCap, will provide as a board observer.
“Flip has thoughtfully stitched jointly elaborate technologies to redefine and elevate the way we find out products and solutions and shop on line,” mentioned Laurence Tosi, Founder and Controlling Companion at WestCap. “Their chopping-edge social commerce product is below to stay and all set to scale. The attractiveness market is a to start with-mover, but which is just the starting and we could see other industries stick to accommodate.”
“As early investors in Flip, we have been amazed not just by the product or service, but by the speed of execution and innovation. The company delivers a novel e-commerce answer for present day shoppers that has the potential to scale globally. We’re content to partner with the company on that journey,” stated Ibrahim Ajami, Head of Ventures, Mubadala Funds.
Flip is also saying the launch of its personal third-party social commerce market to lengthen accessibility to the system for unbiased models, while enabling a solitary, trustworthy location for shoppers. Emerging manufacturers will now be in a position to entry Flip’s social group of customers and creators along with a whole suite of proprietary e-commerce applications. All manufacturer associates will have their individual dashboards with insights into their manufacturer efficiency, together with sales details, purchase management, information engagement, material performance, and much more, enabling them to acquire immediate responses from a social neighborhood of customers examining their goods.
For more information and facts about partnering with Flip, take a look at https://company.flip.store/sellwithflip.
Flip is building the future-era social & live commerce platform for individuals to shop by means of other folks. With a growing neighborhood of consumers sharing online video evaluations of items they’ve obtained on the platform, customers can uncover products and solutions through 60 2nd films of consumer-created content that is immediately shoppable with a a person-simply click checkout and same working day shipping. Each individual shopper can then become a creator by sharing their personal testimonials and monetizing their written content.
WestCap is a strategic trader and operator in expansion fairness that companions with visionary leaders to construct generational businesses. WestCap’s team is comprised of seasoned business people and business builders who work aspect-by-side with founders to help providers scale. WestCap has designed notable investments like Airbnb, StubHub, Ipreo, Addepar, Hopper, iCapital, SIMON, GoodLeap and NYDIG. The firm has places of work in New York, San Francisco and London. For far more facts, check out www.WestCap.com.