US-based real estate financial technology company Backflip has secured $15m in a Series A funding round led by early-stage venture capital firm FirstMark Capital.
The funding round also had participation from the fintech’s previous investors including LiveOak Venture Partners, Vertical Venture Partners, Revel Partners, ECMC, and real estate company Crow.
It also had contributions from notable angels such as Rob Barber, Greg Waldorf, Gregg Freishtat, CEOs and former board members at Zillow, GreenSky, and Attom Data.
FirstMark Capital managing director Adam Nelson said: “We are thrilled to lead Backflip’s Series A to continue the work of building the financial operating system for this integral but overlooked part of the real estate value chain.
“The Backflip team has combined deep product empathy, technology and capital formation to build a 10x better product for their members.”
According to Backflip, the funding round comes after it crossed $10m in net revenue run rate.
The new fundraising round has also enabled the start-up to secure $95m in cumulative equity and debt.
Backflip offers all-in-one real estate and financial technology platform for real estate entrepreneurs. The platform provides entrepreneurs with the technology, data, and financing strategies that allows them to scale their businesses.
The fintech also delivers purpose-built technology and capital products to source, analyse, and finance residential real estate investments.
Besides, the firm’s purpose-built technology and capital solutions support members in handling their investment pipelines, securing funding, and growing their real estate investment business.
Backflip CEO Josh Ernst said: “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.”
