Flip, the Los Angeles-based social commerce app, announced that it closed a $28 million Series A round led by Streamlined Ventures, a Silicon Valley-based early-stage investment firm.
Mubadala Capital Ventures and BDMI also participated in the round, with early backers and angel investors. Individual investors included Ruby Lu, an early investor in Kuaishou, China’s social commerce platform. Flip will use the funding to scale its brand offering and creator ecosystem while deepening its end-to-end logistics platform.
Flip said it “streamlines the entire shopper experience 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.”
“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. “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 U.S.”
“In today’s social landscape, shoppers crave authenticity more than ever, including in the ways they shop and interact with brands,” said 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 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.”
Flip also announced the launch of commissioned video reviews for all users. Shoppers who share videos of their purchases have an opportunity to monetize their content when others engage with or make purchases through their reviews, and can either translate earnings into Flip credits or transfer funds to their bank accounts.
Photo courtesy Flip