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Flip raises US$60 million in Sequence B funding spherical

THE WHAT? Flip has introduced a US$60 million Sequence B funding spherical at a valuation of US$500 million. The spherical was led by WestCap with participation from current buyers Mubadala capital and Streamlined Ventures.

THE DETAILS The subsequent gen e-commerce platform, which mixes a TikTok-style discovery expertise with a premium e-commerce service, has grown its buyer base by 500 % because the begin of the yr, with transactions up 600 %.

THE WHY? the corporate will pile the funding into increasing the crew, deepening model partnerships and launching its personal third-party social commerce market. Noor Agha, Founder and CEO of Flip, mentioned, “By our patented know-how that dynamically connects digital content material to bodily merchandise, we’ve developed a seamless discovery-to-purchase cycle the place customers can store immediately by way of content material, share their very own video opinions of merchandise they’ve bought, whereas monetizing their content material over time. It’s the start of the following period in e-commerce.”

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