Flip, the next-generation e-commerce platform combining a TikTok-like discovery experience with a premium e-commerce service, announced a $60 million Series B funding round at a valuation of $500 million. The funding round was led by WestCap with participation from previous investors Mubadala Capital and Streamlined Ventures, bringing the company’s total capital raised to $95 million.
“Flip has thoughtfully stitched together complex technologies to redefine and elevate the way we discover products and shop online”
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he Series B 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 discover and 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 own video reviews and monetizing them as other users in the community engage and shop through their content.
“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 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.”
As the lead investor, WestCap will leverage its expertise in scaling and operating leading technology marketplaces, including Airbnb, iCapital, GoodLeap, StubHub and Hopper. 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.
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