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Social Commerce Platform Flip Closed a $28 Million Series A

September 08, 2021 BeautyMatter
September 08, 2021
Flip

The social commerce start-up Flip that is mixing live commerce with real closed on a $28 million Series A led by Streamlined Ventures.

WHO: Nooruldeen "Noor" Agha, a serial e-commerce entrepreneur, founded Flip in 2019. Today's shoppers endure a long, fragmented path to purchase, starting with product discovery on social media, moving to research on video platforms, and concluding with checkout on e-commerce destinations. Flip streamlines the entire shopper journey in a cohesive app experience, merging social discovery through entertaining, interactive user-generated reviews and live shopping shows with same-day shipping, sophisticated back-end logistics, and best-in-class e-commerce. Flip's patented technology allows shoppers to post video reviews of their purchases or create shoppable live shows; receive commissions based on sales made from their posts; and have access to real-time data on post-performance. Flip also provides brands with full service, back-end support, and offers free, same-day shipping; seamless returns; and best-in-class customer service straight from the app.

WHY: Flip will use the funding to scale its brand offering and creator ecosystem, while deepening its end-to-end logistics platform.

IN THEIR OWN WORDS: "It's not only a social platform, it is the best post-purchase experience—shipping, rewards, returns—everything people love and in a two-click process," Noor Agha, founder and CEO of Flip, told TechCrunch. "Our app is like if TikTok and Amazon had a baby."

“In today's social landscape, shoppers crave authenticity more than ever, including in the ways they shop and interact with brands," Noor Agha continued. "The beauty industry, in particular, is ripe for disruption, shift from influencers and paid promotions towards honest testimonials from everyday users. The future of ecommerce will be driven by shoppers and the real-life experiences they share via social media. By connecting social video with a seamless commerce experience, we're creating a platform of authenticity, empowering brands and consumers alike to share their stories, while transforming how we discover new products.”

“At Streamlined Ventures, we've partnered with exceptional founders who have built and scaled marketplaces that have completely transformed consumer behaviors over the past decade. In the years to come, we'll see a new generation of platforms being built, integrating the scale of marketplaces with the engagement of social," said Ullas Naik, founder and General Partner of Streamlined Ventures. "Equipped with a growing number of brands and robust social features, Flip has masterfully coupled a scalable marketplace and engaged community and is well-positioned to follow in the footsteps of China and revolutionize social commerce in the US.”

DETAILS:

  • Flip closed a $28 million Series A funding round led by Streamlined Ventures. Mubadala Capital Ventures and BDMI also participated in the round, alongside early backers and angel investors. Individual investors included Ruby Lu, an early investor in Kuaishou, China's leading social commerce platform.
  • To date, Flip has raised $31.5 million in funding, which includes a small seed two years ago.
  • The start-up will also debut commissioned video reviews for all users, empowering the creator economy.
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