Social commerce platform Flip announces $60 million Series B funding
Social e-commerce platform Flip announced on Monday a $60 million Series B funding round, bringing the company’s valuation to $500 million.
The funding round was led by WestCap with participation from previous investors Mubadala Capital and Streamlined Ventures. To date, the company’s total capital raised is $95 million.
Flip said it plans to use the funding to expand the team, deepen its brand partnerships, and launch its own third-party social commerce marketplace this summer. The marketplace allows emerging brands to access Flip’s social community of shoppers and creators along with a full suite of proprietary e-commerce tools.
“Our thesis from day one was that the future of commerce is centered around people. No one sells a product better than the customer that has purchased that product multiple times, and we see that every day on Flip,” said Noor Agha, founder and CEO of Flip.
”Through our patented technology that dynamically connects digital content to physical products, we’ve developed a seamless discovery-to-purchase cycle where users can shop instantly through content, share their own video reviews of products they’ve purchased, while monetizing their content over time. It’s the beginning of the next era in e-commerce.”
Flip allows shoppers to discover and learn about products through 60-second videos of user-generated content that are instantly shoppable. Shoppers can then turn into creators by sharing their own video reviews and monetizing them as other users in the community engage and shop through their content.
Most recently, Flip grew its user base by 500 percent since the beginning of 2022, while growing transactions on the platform by over 600 percent during that same period.
As part of the investment, Tina Yuan, vice president of investments at WestCap, will join Flip’s board of directors, and Brian Reinken, partner at WestCap, will serve as a board observer.
"Flip has thoughtfully stitched together complex technologies to redefine and elevate the way we discover products and shop online," said Laurence Tosi, founder and managing partner at WestCap.
"Their cutting-edge social commerce model is here to stay and ready to scale. The beauty industry is a first-mover, but that’s just the beginning and we could see other industries follow suit.”
Copyright © 2023 FashionNetwork.com All rights reserved.