The funding will help Flip launch its own third-party social commerce marketplace. Here are the top-line bullets you need to know.
Flip, a social commerce platform for beauty products, has raised $60M in a Series B. The round drew participation from Mubadala Capital, Streamlined Ventures, and WestCap Group.
HOW’S THE COMPANY PERFORMING?
- California-based Flip allows users to create and share shoppable video reviews of beauty products.
- Since the beginning of the year, the company’s user base has grown by 500%, and the number of transactions on its platform has increased by 600%.
- The brands featured on the platform include Supergoop, Hourglass, Covergirl, Philosophy, and Bioderma, among others.
Source: Flip
WHY DOES THE MARKET MATTER?
- The global social commerce market is expected to reach a value of $2.9T by 2026, growing at a CAGR of 30.8%, according to Global Industry Analysts.
- The increasing usage of social media platforms by consumers, particularly amid Covid-19, has convinced businesses to sell their products through such mediums.
- The rising adoption of mobile technologies has also contributed to market growth.
