Flip closes $60m Series B round to reimagine the e-commerce landscape

Noor Agha, Founder and Chief Executive Officer of Flip

Flip, the next-gen e-commerce platform combining a TikTok-like discovery experience with a premium e-commerce service, announced a $60m Series B funding round at a valuation of $500m. The funding round was led by WestCap with participation from previous investors Mubadala Capital and Streamlined Ventures, bringing the firm’s total capital raised to $95m.

WestCap will leverage its expertise in operating leading tech marketplaces, including Airbnb, iCapital, GoodLeap, StubHub and Hopper. Tina Yuan, VP of Investments at WestCap, will join Flip’s Board of Directors, and Brian Reinken, Partner at WestCap, will serve as board observer.

What is the market offering of Flip?

The round follows a period of rapid growth where Flip grew its user base by 500% since the beginning of 2022, while growing transactions on the platform by over 600% during that same period. The company plans to use the funding to expand the team, deepen its brand partnerships, and launch its own third-party social commerce marketplace this summer.

Flip built an experience that combines the power of social discovery with the convenience of e-commerce in an organic fashion. Shoppers visit Flip as a single destination to learn about products through 60-second videos of user-generated content that are instantly shoppable, with a one-click checkout and same day shipping. Shoppers can then turn into creators by sharing their video reviews and monetizing them as other users in the community engage.

“Our thesis from day 1 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 Chief Executive Officer 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.”

What are the investors’ thoughts on Flip?

“As early investors in Flip, we’ve been impressed not just by the product, but by the speed of execution and innovation. The company delivers a novel e-commerce solution for today’s consumers that has the potential to scale globally. We’re happy to partner with the company on that journey,” commented Ibrahim Ajami, Head of Ventures, Mubadala Capital.

“Flip has stitched together complex tech to elevate the way we discover products and shop online. 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,” said Laurence Tosi, Founder and Managing Partner at WestCap.

Flip is also announcing the launch of its own third-party social commerce marketplace to extend access to the platform for independent brands, while enabling a single, trusted destination for shoppers. Emerging brands will now be able to access Flip’s social community of shoppers and creators along with a full suite of proprietary e-commerce tools.

All brand partners will have their own dashboards with insights into their brand performance, including sales data, order management, content engagement, content performance, etc, enabling them to receive instant feedback from social shoppers reviewing their products.

For more information about partnering with Flip, visit website.