Backflip Secures $15 Million in Series A Funding to Support Real Estate Entrepreneurs
Backflip, a Dallas-based real estate and fintech platform, has successfully completed a $15 million Series A funding round. The round was led by FirstMark Capital, known for their early investments in Airbnb, Shopify, and Pinterest. This latest round, which includes contributions from previous investors such as Vertical Venture Partners and LiveOak Venture Partners, brings Backflip’s total raised funds to $95 million, combining equity and debt. The company recently reported a significant milestone, achieving a $10 million net revenue run rate and nearing profitability despite the challenging housing market.
Backflip was founded by Jake Rome and Joshua Ernst in 2021. The company offers an end-to-end platform designed to support the dynamic needs of real estate entrepreneurs. With features that facilitate the management of investment pipelines and the acquisition of necessary funding, Backflip aims to simplify and enhance the process of growing real estate investments. According to CEO Josh Ernst, Backflip’s mission extends beyond property transactions to transforming the approach to real estate entrepreneurship. The platform’s community analyzes approximately $5 billion worth of properties monthly, illustrating its extensive impact and reach within the market.
The company’s approach to real estate investmenting focuses on revitalizing communities by enabling the efficient renovation of single-family homes, according to the company. To date, the platform has facilitated the funding of over 900 homes, with members seeing an average gross profit of $82,000 per property. Backflip prides itself on providing robust underwriting processes and investment-grade credit offerings, leading to outstanding loan performance. The platform’s mobile and desktop applications offer real-time data and analytical tools, making it a valuable resource for entrepreneurs looking to make informed investment decisions quickly and effectively.
