US social e-commerce company Flip completes $28 million in financing

Flip , a social e-commerce company based in Los Angeles , recently completed a US$28 million Series A financing round.

Flip combines e-commerce programs with real user reviews to improve the shopping experience and create opportunities for entrepreneurs. Flip's founder Nooruldeen Agha is a serial entrepreneur who founded Flip in the United States in 2019. He previously founded some e-commerce companies in Dubai.

It was while leading these companies that he realized the vision of commerce was broken and people’s paths to purchase were fragmented: they might start learning about a product on social media , then move to a video platform and finally make a purchase on another website.

Agha believes that the future of e-commerce will be driven by shoppers and their experiences on social media, so Flip is integrating these experiences into one app where consumers can post reviews in the form of videos and live broadcasts. Currently, the Flip platform focuses on showcasing beauty and health brands . Agha said it later added shipping and back-end logistics services . Users can post video reviews of their purchases after making a purchase and earn commissions from the posts they publish .

“It’s not only a social platform, but it also provides the best after-sales experience — shipping, rewards, returns , everything people like , ” he added. “Our app is like TikTok and Amazon combined . ”

The round was led by Streamlined Ventures , with participation from Mubadala Capital Ventures, BDMI, and a group of early angel investors, including Ruby Lu , an early investor in Kuaishou . Agha intends to use the new funds to scale the company and its ecosystem, while expanding the end-to-end logistics portion of the platform. Agha said that Flip has raised $ 31.5 million since its inception .

Flip now signs an average of 20 new brands per week and has already established a partnership with Unilever. Agha expects to reach 500 brands by this year's holiday shopping season . In addition, Flip has been downloaded more than 1 million times and 30,000 orders were sent out last quarter . Agha expects that the order volume will double in the next few months .

“We are now focused on introducing the brand rather than driving growth, but we expect to have a launch at the end of September, at which time we will start to actively drive growth. ”

Social e-commerce

Social Media

USA