Backflip, the Dallas-headquartered real estate fintech, announced its closing of its $15 million Series A funding round.
Backflip is designed to enable real estate investors to acquire and renovate single-family homes, with the goal of reselling the properties at a profit. The company said it has funded over 900 homes to date, with members enjoying an average gross profit of $82,000 per property on the platform.
The funding round comes after the company crossed $10 million in net revenue run rate. The new round was led by FirstMark Capital, an early investor in category-defining platforms including Airbnb, Shopify, and Pinterest. Previous investors Vertical Venture Partners, LiveOak Venture Partners, Revel Partners, ECMC, the real estate company Crow Holdings, and the prominent individual investors Greg Waldorf, Rob Barber, Gregg Freishtat – the CEOs and former board members at Zillow, ATTOM Data, and GreenSky, respectively – also participated in the round.
“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,” said Backflip CEO Josh Ernst. “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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