Flip announces $28 million Series A round
Social commerce startup Flip has closed a $28 million Series A 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 backer of Chinese social commerce platform Kuaishou.
Flip, which was founded in 2021 and connects beauty product shoppers to products, content, and community through video reviews, says it will use the funding to “scale its brand offering and creator ecosystem, while deepening its end-to-end logistics platform”.
“We’ve partnered with exceptional founders who have built and scaled marketplaces that have completely transformed consumer behaviours over the past decade,” says Ullas Naik, Founder and General Partner, Streamlined Ventures.
“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.”
“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 revolutionise social commerce in the US.”
“In today’s social landscape, shoppers crave authenticity more than ever, including in the ways they shop and interact with brands,” comments Noor Agha, Founder and CEO, Flip.
“The beauty industry, in particular, is ripe for disruption, shifting from influencers and paid promotions towards honest testimonials from everyday users.”
“The future of e-commerce 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.”
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