Flip, a TikTok-like shopping social network, has recently announced that it successfully raised $144 million in Series C funding, propelling its pre-money valuation to $1.05 billion. This funding round was led by Streamlined Ventures, a prominent investment firm known for identifying and supporting innovative technology companies. Notably, Flip’s existing investors, including Mubadala Capital and WestCap, also participated in this round, reaffirming their confidence in the company’s vision and potential.
It is stated that one of the most significant developments arising from this funding round is the strategic partnership formed between Flip and AppLovin Corporation, a renowned technology platform listed on NASDAQ under the ticker symbol APP. AppLovin has made a substantial investment of $50 million in Flip and, in return, will provide access to its cutting-edge AXON technology. This collaboration will pave the way for Flip to relaunch its marketing platform, leveraging the power of AppLovin’s AI advertising engine through AXON Connect.
Flip, a social commerce app based in Los Angeles, California, is known to allow video creators to generate purchase links underneath their videos that users can click on to buy beauty and health products. Beauty products can also be purchased on Flip’s official website. Currently, the official website sells products from brands such as e.l.f Beauty, Milk Makeup, Too Faced and more.
In September 2021, Flip announced the completion of a $28 million Series A round of financing led by Streamlined Ventures, including the participation of Ruby Lu, an early investor of Kuaishou. In 2022, Flip completed a $60 million Series B round of financing, targeting TikTok.
