Streamlined Ventures, a Palo Alto-based early stage investment firm, led the funding round, with participation from Mubadala Capital Ventures and Bertelsmann Digital Media Investments Inc. The funding brings the company’s total to $31.5 million.
Flip plans to use the funding to boost the number of creators using its app and expand its end-to-end logistics platform.
“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.,” Ullas Naik, founder and general partner of Streamlined Ventures, said in a statement.
Flip is a social media shopping platform founded in 2019. Its app allows users to shop and review different brands in one place
The company plans to double down on its offerings for the beauty, health and wellness industries, and open its commissioned video reviews to all users, which allow shoppers to share videos of their purchases and receive a commission from the sales that came from their content.
According to TechCrunch, Flip expects to sign 500 brands to its app by the holiday season. The app has 1 million downloads and shipped out 30,000 orders in the second quarter of this year.
“In today’s social landscape, shoppers crave authenticity more than ever, including in the ways they shop and interact with brands,” Noor Agha, Flip's founder and chief executive, said in a statement. “The beauty industry, in particular, is ripe for disruption, shifting from influencers and paid promotions towards honest testimonials from everyday users.”
