LOS ANGELES–(Business WIRE)–Flip, the upcoming-generation e-commerce system combining a TikTok-like discovery experience with a high quality e-commerce provider, introduced a $60 million Series B funding spherical at a valuation of $500 million. The funding round was led by WestCap with participation from former investors Mubadala Cash and Streamlined Ventures, bringing the company’s whole cash raised to $95 million.
The Collection B round follows a interval of quick development wherever Flip grew its person base by 500% given that the commencing of 2022, though increasing transactions on the system by in excess of 600% during that very same interval. The corporation options to use the funding to broaden the workforce, deepen its model partnerships, and launch its own third-celebration social commerce market this summer time.
Flip created an practical experience that brings together the ability of social discovery with the comfort of e-commerce in an natural fashion. Shoppers visit Flip as a single spot to discover and find out about goods through 60-next videos of user-produced written content that are instantly shoppable, with a one particular-simply click checkout and exact working day delivery. Shoppers can then convert into creators by sharing their have movie critiques and monetizing them as other buyers in the local community engage and store by their content.
“Our thesis from working day 1 was that the long run of commerce is centered all over folks. No just one sells a products superior than the purchaser that has obtained that solution a number of occasions, and we see that each and every day on Flip,” claimed Noor Agha, Founder and CEO of Flip. ”Through our patented technologies that dynamically connects digital information to bodily products and solutions, we have created a seamless discovery-to-purchase cycle in which consumers can shop instantly via information, share their have video clip evaluations of merchandise they’ve procured, although monetizing their articles around time. It’s the beginning of the future era in e-commerce.”
As the guide trader, WestCap will leverage its experience in scaling and running main technologies marketplaces, which includes Airbnb, iCapital, GoodLeap, StubHub and Hopper. Tina Yuan, Vice President of Investments at WestCap, will be a part of Flip’s Board of Administrators, and Brian Reinken, Companion at WestCap, will provide as a board observer.
“Flip has thoughtfully stitched with each other elaborate systems to redefine and elevate the way we explore products and solutions and store on-line,” mentioned Laurence Tosi, Founder and Taking care of Husband or wife at WestCap. “Their reducing-edge social commerce design is right here to remain and all set to scale. The natural beauty industry is a 1st-mover, but that is just the commencing and we could see other industries comply with suit.”
“As early buyers in Flip, we have been amazed not just by the item, but by the pace of execution and innovation. The organization provides a novel e-commerce option for present day consumers that has the probable to scale globally. We’re joyful to spouse with the enterprise on that journey,” explained Ibrahim Ajami, Head of Ventures, Mubadala Capital.
Flip is also announcing the start of its own third-celebration social commerce market to lengthen entry to the platform for impartial models, even though enabling a single, trustworthy place for shoppers. Rising brands will now be in a position to accessibility Flip’s social community of purchasers and creators alongside with a complete suite of proprietary e-commerce applications. All brand name associates will have their individual dashboards with insights into their manufacturer general performance, such as product sales knowledge, get administration, written content engagement, articles overall performance, and much more, enabling them to receive instantaneous suggestions from a social community of shoppers reviewing their products and solutions.
For more information about partnering with Flip, check out https://company.flip.shop/sellwithflip.
Flip is creating the next-generation social & stay commerce platform for folks to store by way of other persons. With a rising group of purchasers sharing video testimonials of products and solutions they’ve obtained on the system, consumers can discover items through 60 second films of user-generated written content that is immediately shoppable with a 1-click on checkout and very same day shipping and delivery. Every shopper can then grow to be a creator by sharing their personal assessments and monetizing their content material.
WestCap is a strategic trader and operator in progress fairness that companions with visionary leaders to establish generational corporations. WestCap’s crew is comprised of seasoned business owners and enterprise builders who get the job done side-by-facet with founders to enable organizations scale. WestCap has manufactured notable investments like Airbnb, StubHub, Ipreo, Addepar, Hopper, iCapital, SIMON, GoodLeap and NYDIG. The agency has offices in New York, San Francisco and London. For much more information and facts, check out www.WestCap.com.