Backflip, an all-encompassing real estate and financial technology platform, has closed a $15m Series A funding round, spearheaded by FirstMark Capital, known for their early investment in other category-defining platforms like Airbnb, Shopify, and Pinterest.
Participating in this round were previous investors including Vertical Venture Partners, LiveOak Venture Partners, Revel Partners, ECMC, Crow Holdings, and notable angels such as Greg Waldorf, Rob Barber, and Gregg Freishtat, CEOs and former Board Members at companies like Zillow, Attom Data, and GreenSky.
The funds arrive at a crucial time as Backflip recently achieved a $10m net revenue run rate, nearing profitability despite facing a turbulent housing market. In 2023, the company reported a fivefold increase in revenue run rate compared to the previous year, with its members analyzing properties valued at around $5bn each month.
Backflip is dedicated to reshaping the landscape of real estate entrepreneurship through a comprehensive platform that caters to a community of like-minded professionals. The platform is designed to streamline the management of investment pipelines, facilitate financing, and foster growth within the real estate investment sector.
Josh Ernst, CEO of Backflip, emphasized the transformative vision of the company, “Backflip is not just about flipping houses; it’s about flipping the script on the why, how and what it means to be a real estate entrepreneur.
“Over 400,000 homes are flipped every year in the U.S. and growing. Our mission is to help everyone access the funding and tools they need to participate. We put information, support, and capital products designed for entrepreneurs in the hands of more individuals in an industry that has historically had too many barriers to successfully starting and scaling. In doing so, we’re empowering our members to rejuvenate communities one modernized home at a time.”
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