Discovery eCommerce startup Flip raised $60M in a Series B funding round that puts its valuation at $500 million as the company expands its social commerce platform and strengthens brand relationships.
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.
The Los Angeles-based firm was co-founded in 2021 by CEO Noor Agha and Chairman Jonathan Ellman and offers brands a platform that combines social discovery with eCommerce. Shoppers watch shoppable, user-generated, 60-second videos about different products, with one-click checkout and same-day shipping, according to a press release on Wednesday (July 20).
Shoppers also have the opportunity to become creators by sharing their own video reviews, with the potential to monetize them via community engagement and having shoppers click-through.
“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 Agha.
”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 eCommerce,” he said.
WestCap Vice President of Investments Tina Yuan will join Flip’s board of directors and WestCap Partner Brian Reinkenwill serve as a board observer. As the lead investor, WestCap will also offer its expertise in scaling and operating leading technology marketplaces.
“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.”
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.