The round was led by WestCap with participation from previous investors Mubadala Capital and Streamlined Ventures, bringing the company’s total capital raised to $95m
Flip, a Los Angeles, CA-based e-commerce platform combining a TikTok-like discovery experience with a premium e-commerce service, raised $60m in Series B funding round at a valuation of $500m.
The round was led by WestCap with participation from previous investors Mubadala Capital and Streamlined Ventures, bringing the company’s total capital raised to $95m. 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 said it plans to use the funding to expand the team, deepen its brand partnerships, and launch its own third-party social commerce marketplace this summer. The marketplace allows emerging brands to access Flip’s social community of shoppers and creators along with a full suite of proprietary e-commerce tools.
Led by Noor Agha, Founder and CEO, Flip is building a social & live commerce platform for people to shop through other people. 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 monetising them as other users in the community engage and shop through their content.
Our thesis from day one was that the future of commerce is centred 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 Agha.
He 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 monetising their content over time. It’s the beginning of the next era in e-commerce.