Backflip Announces $35 Million in Funding to Support Entrepreneurs Reinvigorating the Housing Supply
Fintech startup offers an app with data, resources, and funding for authentic estate business owners
Backflip, a true estate and fintech startup improving how business owners spend in household attributes, announces an $8 million fairness seed spherical co-led by Vertical Undertaking Associates (VVP) and LiveOak Enterprise Companions (LiveOak) with participation from Revel Companions, Good Oaks VC, and Greg Waldorf, former founding investor and Board Member at Trulia and Zillow. The money will be used to grow Backflip’s products progress group and accelerate its 2022 community launch in Texas and Colorado. Additionally, the business secured $27 million of focused financial debt funding.
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Jake Rome, COO & Co-Founder Josh Ernst, CEO & Co-Founder (Photo: Business Wire)
Backflip assists fix America’s undeniable housing lack and catalyzes the a lot-necessary rejuvenation of ageing properties. About 60 million properties (75% of all residences) have been crafted above 30 yrs back and call for artistic updating to meet the ever-switching demands of present day Americans. Backflip’s founders feel community business owners, alternatively than Wall Road institutions, are very best positioned to restore and modernize neighborhoods in a way that maintains their appeal and authenticity.
Backflip is constructing an close-to-stop system that up-stages specific true estate traders with intent-built technological know-how and money goods to resource, analyze and finance residential genuine estate investments. Backflip’s application consists of home insights, details, instruction, and local community, paired with modern capital alternatives that are more flexible and speedier than financial institutions, and much more appealing than personal cash or tough dollars.
“We have a big housing challenge. It will not be solved by Government-led prime-down strategies, or by substantial firms like Blackstone, Lennar, and Opendoor,” stated Josh Ernst, founder and CEO of Backflip. “In its place, next the Shopify platform product, we have to have to allow entrepreneurs do what they do finest – be creators. Backflip assists them make greater expense selections together the way, and to boost outcomes although cutting down danger. By partnering with VVP and LiveOak, we can accelerate the satisfying journey of boosting the standards of what is probable for our associates and make a good contribution to the entire world: creating desirable housing.”
Because launching a non-public beta in 2021, Backflip’s members have used the app to review roughly $2 billion of expense homes. On top of that, Backflip Funds has funded tens of hundreds of thousands of loans for its associates to receive and renovate properties.
The company is at first running in Dallas and Denver. Nevertheless, Backflip embraces a dispersed place of work model and has staff members spanning from New York to Napa, CA. “We are hyper-focused on attracting major-tier talent enthusiastic by our mission, no matter of in which they decide on to phone residence,” mentioned Jake Rome, Backflip’s co-founder and COO.
Krishna Srinivasan, LiveOak’s founding husband or wife, is joining Backflip’s board of administrators along with Brad Corona, Taking care of Director at VVP.
“LiveOak is extremely bullish on residential Fintech as evidenced by our position as the initial institutional trader in leaders this kind of as Homeward, Opcity, and OJO. As these types of, we acknowledge huge prospect in targeting the underserved “serious estate entrepreneur” segment with applications, analytics and imaginative cash methods,” claimed Srinivasan. “Backflip with the combination of founders with huge area abilities, broad technological know-how methods and a impressive company product is uniquely capable to be the chief in this fascinating category.”
“True estate entrepreneurs seeking to finance “repair & flip” and “rehab & rent” initiatives overwhelmingly rely on personal cash answers alternatively than typical residential lending goods. The market place for non-public capital is monumental, nevertheless opaque, tricky to navigate, and missing an conclusion-to-close, digitized client knowledge. The one-relatives residential financial commitment sector is ripe for Backflip’s one of a kind giving,” added Corona.
About Backflip
Backflip is a authentic estate monetary technological know-how firm that supports individual business owners reinvigorating the housing provide by getting and renovating one loved ones residences. The firm presents intent-designed technology and money products and solutions utilised by its customers to supply, assess and finance household authentic estate investments. Backflip’s platform democratizes technology, knowledge, and financing tactics that were being earlier only available to institutional investors and massive businesses. Make sure you go to www.dobackflip.com or down load the Backflip Genuine Estate application at the iOS application keep to understand additional.
About Vertical Undertaking Partners
Vertical Enterprise Associates (“VVP”) is a Silicon Valley-centered venture cash organization focused on creating Seed and Sequence A investments in B2B technological know-how providers concentrating on ache points in distinct marketplace verticals. The VVP group has decades of functioning and financial commitment expertise obtained from numerous backgrounds in undertaking capital, financial investment banking, and state-of-the-art R&D. In addition to its core fund, VVP is very pleased to take care of the UC San Diego Triton Technological know-how Fund and the UC Riverside Highlander Fund, each focused to commercialization of UC intellectual house by distinguished alumni. Be sure to go to www.vvp.vc to study far more.
About LiveOak Venture Associates
LiveOak Venture Associates is a enterprise funds fund dependent in Austin, Texas. With more than 20 years of successful undertaking investing in Texas, the founders of LiveOak have assisted create practically $5 billion of business benefit. Although virtually all LiveOak’s investments start in the early stages, LiveOak is a entire everyday living cycle investor targeted on technological know-how and engineering-enabled service providers based mostly in Texas. With close to $500M below administration, LiveOak Venture Associates has been the lead trader in shut to 50 thrilling high-progress Texas-based mostly corporations in the final seven yrs such as ones this sort of as DISCO Legislation, Digital Pharmacist, OJO Labs, Opcity, Homeward, and TrustRadius.
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