Backflip Declares $35 Million in Funding to Help Entrepreneurs Reinvigorating the Housing Provide | Enterprise


Backflip, an actual property and fintech startup enhancing how entrepreneurs spend money on residential properties, pronounces an $8 million fairness seed spherical co-led by Vertical Enterprise Companions (VVP) and LiveOak Enterprise Companions (LiveOak) with participation from Revel Companions, Nice Oaks VC, and Greg Waldorf, former founding investor and Board Member at Trulia and Zillow. The funds can be used to increase Backflip’s product improvement staff and speed up its 2022 public launch in Texas and Colorado. Moreover, the corporate secured $27 million of devoted debt funding.

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Jake Rome, COO & Co-Founder; Josh Ernst, CEO & Co-Founder (Picture: Enterprise Wire)

Backflip helps remedy America’s simple housing scarcity and catalyzes the much-needed rejuvenation of growing old properties. Over 60 million homes (75% of all properties) had been constructed over 30 years in the past and require inventive updating to satisfy the ever-changing wants of contemporary Individuals. Backflip’s founders imagine native entrepreneurs, fairly than Wall Avenue establishments, are finest positioned to revive and modernize neighborhoods in a means that maintains their allure and authenticity.

Backflip is constructing an end-to-end platform that up-levels particular person actual property traders with purpose-built know-how and capital merchandise to supply, analyze and finance residential actual property investments. Backflip’s app consists of property insights, knowledge, training, and neighborhood, paired with modern capital options which are extra versatile and quicker than banks, and extra fascinating than personal capital or onerous cash.

“We have now a serious housing downside. It received’t be solved by Authorities-led top-down approaches, or by giant companies like Blackstone, Lennar, and Opendoor,” mentioned Josh Ernst, founder and CEO of Backflip. “As an alternative, following the Shopify platform mannequin, we have to let entrepreneurs do what they do finest – be creators. Backflip helps them make higher funding choices alongside the way in which, and to enhance outcomes whereas lowering danger. By partnering with VVP and LiveOak, we will speed up the rewarding journey of elevating the requirements of what’s doable for our members and make a constructive contribution to the world: creating fascinating housing.”

Since launching a non-public beta in 2021, Backflip’s members have used the app to investigate roughly $2 billion of funding properties. Moreover, Backflip Capital has funded tens of tens of millions of loans for its members to amass and renovate properties.

The corporate is initially working in Dallas and Denver. Nonetheless, Backflip embraces a distributed office mannequin and has staff spanning from New York to Napa, CA. “We’re hyper-focused on attracting top-tier expertise motivated by our mission, no matter the place they select to name dwelling,” mentioned Jake Rome, Backflip’s co-founder and COO.

Krishna Srinivasan, LiveOak’s founding associate, is becoming a member of Backflip’s board of administrators together with Brad Corona, Managing Director at VVP.

“LiveOak is extraordinarily bullish on residential Fintech as evidenced by our function as the primary institutional investor in leaders comparable to Homeward, Opcity, and OJO. As such, we acknowledge immense alternative in concentrating on the underserved “actual property entrepreneur” section with instruments, analytics and artistic capital options,” mentioned Srinivasan. “Backflip with the mixture of founders with large area experience, broad know-how options and a strong enterprise mannequin is uniquely certified to be the chief on this thrilling class.”

“Actual property entrepreneurs trying to finance “repair & flip” and “rehab & hire” initiatives overwhelmingly depend on personal capital options fairly than typical residential lending merchandise. The marketplace for personal capital is gigantic, but opaque, onerous to navigate, and missing an end-to-end, digitized shopper expertise. The one-family residential funding sector is ripe for Backflip’s distinctive providing,” added Corona.

About Backflip

Backflip is an actual property monetary know-how firm that helps particular person entrepreneurs reinvigorating the housing provide by buying and renovating single household properties. The corporate affords purpose-built know-how and capital merchandise utilized by its members to supply, analyze and finance residential actual property investments. Backflip’s platform democratizes know-how, knowledge, and financing methods that had been beforehand solely accessible to institutional traders and enormous companies. Please go to or obtain the Backflip Real Estate app on the iOS app retailer to be taught extra.

About Vertical Enterprise Companions

Vertical Enterprise Companions (“VVP”) is a Silicon Valley-based enterprise capital agency targeted on making Seed and Collection A investments in B2B know-how firms concentrating on ache factors in particular trade verticals. The VVP staff has many years of working and funding expertise gained from numerous backgrounds in enterprise capital, funding banking, and superior R&D. Along with its core fund, VVP is proud to handle the UC San Diego Triton Expertise Fund and the UC Riverside Highlander Fund, each devoted to commercialization of UC mental property by distinguished alumni. Please go to to be taught extra.

About LiveOak Enterprise Companions

LiveOak Venture Partners is a enterprise capital fund primarily based in Austin, Texas. With over 20 years of profitable enterprise investing in Texas, the founders of LiveOak have helped create practically $5 billion of enterprise worth. Whereas virtually all LiveOak’s investments start within the early phases, LiveOak is a full life cycle investor targeted on know-how and technology-enabled service firms primarily based in Texas. With near $500M beneath administration, LiveOak Enterprise Companions has been the lead investor in near 50 thrilling high-growth Texas-based firms within the final seven years together with ones comparable to DISCO (NYSE: LAW), Digital Pharmacist, OJO Labs, Opcity, Homeward, and TrustRadius.

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CONTACT: Julianna Giraldo

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SOURCE: Backflip

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PUB: 05/06/2022 09:00 AM/DISC: 05/06/2022 09:02 AM