THE WHAT? Flip has announced a US$60 million Series B funding round at a valuation of US$500 million. The round was led by WestCap with participation from existing investors Mubadala capital and Streamlined Ventures.
THE DETAILS The next gen e-commerce platform, which combines a TikTok-style discovery experience with a premium e-commerce service, has grown its customer base by 500 percent since the start of the year, with transactions up 600 percent.
THE WHY? the company will pile the investment into expanding the team, deepening brand partnerships and launching its own third-party social commerce marketplace. Noor Agha, Founder and CEO of Flip, said, “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.”