August 11, 2022

Flip has raised $60 million in a Collection B funding spherical led by WestCap with participation from earlier traders Mubadala Capital and Streamlined Ventures. This brings the corporate’s complete capital raised to $95 million. The e-commerce platform combines a TikTok-like expertise with buying companies.

El Segundo-based Flip plans to make use of the funding to broaden the workforce, deepen its model partnerships and launch its personal third-party social commerce market this summer season. This funding spherical follows a interval of speedy development starting in early 2022 throughout which Flip grew its consumer base by 500%, whereas additionally rising transactions on the platform by greater than 600%.

Shoppers use Flip to study merchandise via movies which are shoppable with one-click checkout. They will then flip into creators by sharing their very own video critiques and monetizing them as different customers in the neighborhood have interaction and store.

Flip additionally introduced the launch of a third-party social commerce market to increase entry to the platform for unbiased manufacturers, which is able to be capable to entry Flip’s social neighborhood of buyers and creators, together with a full suite of proprietary e-commerce instruments.

“Our thesis from day one was that the way forward for commerce is centered round individuals. Nobody sells a product higher than the client that has bought that product a number of occasions, and we see that on daily basis on Flip,” Noor Agha, the corporate’s founder and chief govt, stated in an announcement. Tina Yuan, vice chairman of investments at WestCap, will be a part of Flip’s board of administrators, and Brian Reinken, companion at WestCap, will function a board observer.

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“Flip has thoughtfully stitched collectively advanced applied sciences to redefine and elevate the best way we uncover merchandise and store on-line,” stated Laurence Tosi, founder and managing companion at WestCap. “Their cutting-edge social commerce mannequin is right here to remain and able to scale.”

Ibrahim Ajami, head of ventures at Mubadala Capital, stated as traders they haven’t solely been impressed by the product itself, but in addition by the velocity of “execution and innovation.”