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.
“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.
“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.”
“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,” said Ibrahim Ajami, Head of Ventures, Mubadala Capital.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.