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Backflip raised $15 million in a Series A funding round to grow its platform for real estate investors.
The company’s real estate and FinTech platform is designed to provide funding and tools to the entrepreneurs who flip a collective total of 400,000 houses per year in the United States, Backflip said in a Monday (April 29) press release.
“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,” Backflip CEO Josh Ernst said in the release.
Backflip’s technology and capital solutions help members manage their investment pipelines, secure funding and grow their real estate businesses, according to the release. The company delivers real-time data through mobile and desktop apps, helping members source, track, comp and evaluate potential investments and secure project financing.
The funding round comes after the company crossed $10 million in net revenue run rate and is approaching profitability, the release said. Backflip has funded more than 900 homes, with members realizing an average gross profit of $82,000 per property and typically repaying their loans in six months.
Backflip’s latest funding round was led by FirstMark Capital, per the release.
The advent of digital tools and platforms has brought about a shift in the process of purchasing a home, PYMNTS reported April 5. Central to this digital transformation are all-in-one platforms that streamline the home buying experience. These apps use advanced technologies such as artificial intelligence, augmented reality and data analytics to offer users personalized recommendations, virtual tours and financial planning assistance.
In another development in the space, Built said in March that it expanded its construction and real estate finance platform to meet the needs of real estate owners and developers. The platform now helps these professionals manage budgets, streamline invoicing and compliance, move money and make decisions.
The platform now integrates budget management; compliance and payables workflow; and draw requests. It also features vendor management and embedded payments to help complete development deals on time and within budget.
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